{"id":132795,"date":"2021-07-20T11:54:12","date_gmt":"2021-07-20T11:54:12","guid":{"rendered":"https:\/\/precoinnews.com\/?p=132795"},"modified":"2021-07-20T11:54:12","modified_gmt":"2021-07-20T11:54:12","slug":"futures-bounce-after-steep-selloff-ibm-gains-on-strong-results","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/futures-bounce-after-steep-selloff-ibm-gains-on-strong-results\/","title":{"rendered":"Futures bounce after steep selloff; IBM gains on strong results"},"content":{"rendered":"
(Reuters) – Futures tracking Wall Street\u2019s main indexes rose on Tuesday, as economically sensitive stocks rebounded following a sharp selloff in the previous session, while shares of IBM jumped after posting strong second-quarter results.<\/p> Shares of International Business Machines Corp gained 4.0% in premarket trading as brokerages raised their price targets on the stock following strong quarterly growth in the company\u2019s cloud and consulting businesses.<\/p>\n Focus is now on earnings reports from companies including Netflix Inc, Philip Morris and Chipotle Mexican Grill later in the day.<\/p>\n The second-quarter reporting season is underway, with 41 of the companies in the S&P 500 having reported. Of those, 90% have beaten consensus estimates, according to Refinitiv data.<\/p>\n Analysts now see year-on-year S&P 500 earnings growth of 72% for the April to June period, per Refinitiv.<\/p>\n Wall Street\u2019s main indexes ended sharply lower on Monday, with the blue-chip Dow Jones index logging its worst day in nearly nine months as a surge in Delta variant infections sparked a broad sell-off on fears about renewed COVID-19 shutdowns and a protracted economic recovery.<\/p>\n Energy stocks Chevron Corp, Schlumberger NV, Occidental Petroleum Corp, ONEOK Inc, Phillips 66 and Halliburton Co rose between 0.8% and 2.7%, as oil prices edged higher after the previous session\u2019s 7% slide. [O\/R]<\/p>\n Rate-sensitive lenders Bank of America, JPMorgan, Citigroup, Wells Fargo, Goldman Sachs, Morgan Stanley were up between 0.7% and 1.0%. [US\/]<\/p>\n At 6:35 a.m. ET, Dow e-minis were up 203 points, or 0.6%, S&P 500 e-minis were up 22.25 points, or 0.52%, and Nasdaq 100 e-minis were up 75.5 points, or 0.52%.<\/p>\n Shares of cryptocurrency and blockchain-related firms Coinbase Global, Riot Blockchain, Marathon Patent Group and MicroStrategy Inc fall between 1.4% and 2.8% as bitcoin slipped below $30,000.<\/p>\n Halliburton Co added 2% after it posted a second-straight quarterly profit, as a rebound in crude prices from pandemic-lows buoyed demand for oilfield services.<\/p>\n