U.S. stock futures were higher Tuesday, as investors welcomed a batch of strong corporate earnings and digested the latest inflation data.
Goldman Sachs(GS) posted profit and revenue for the third quarter that topped expectations. Shares of the investment bank rose slightly following the news.
Johnson & Johnson(JNJ) logged quarterly earnings that beat analysts' expectations, sending shares 1% higher in premarket trading. Meanwhile Coca-Cola(KO) reported earnings per share that were in line with expectations, but revenue was slightly lower than anticipated.
Intel(INTC) and IBM(IBM) will report after the close. Overall, companies in the S&P 500 are expected to report third-quarter earnings that are down 1% from last year, according to S&P Capital IQ.
Meanwhile, the September reading of the Consumer Price Index, the government's key metric for inflation, rose 0.6%. That's higher than the 0.5% increase that economists polled by Briefing.com had been expecting. Compared to a year earlier, prices have risen 2%. Based on this data, the Social Security Administration announced that Social Security recipients will receive a 1.7% cost-of-living increase in 2013.
Also on tap for Tuesday morning, data on foreign purchases of Treasuries for August will be released before the stock market opens, followed by reports on industrial production and capacity utilization for September from the Federal Reserve.
Companies:Citigroup(C) announced Tuesday morning that CEO Vikram Pandit is stepping down. Michael Corbat, who previously served as Citi's CEO of Europe, Middle East and Africa, was named as his replacement.