US stocks set for higher opening amid dollar rally

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US stocks are set to bounce back from Monday’s losses, with futures pointing to a strong opening on another day of earnings reports.

Futures tipped both the S&P 500 and Dow Jones Industrial Average to open 0.3 per cent higher at 2,292 and 20,038, respectively. On Monday the S&P 500 had lost 0.2 per cent while the Dow Jones closed down 0.1 per cent.

General Motors was among the first major companies to report before markets open in New York, beating expectations for its fourth quarter on post-election US consumer confidence. Michael Kors, meanwhile, took a hit after weak sales in the US and Europe.

Elsewhere, the US dollar was surging ahead, reversing four consecutive days of declines, on comments from the Federal Reserve’s Patrick Harker, who raised the prospect of a rate hike as early March.

The trade-weighted dollar index had gained 0.69 per cent to 100.60 by markets open, it’s highest level since January 30. Yields on 10-year Treasuries were also higher, up 1 basis point at 2.42.

Yum Brands, Walt Disney and Gilead will also report corporate earnings today, all after markets close in New York.

The economic calendar includes reports for US job openings at 10:00 in New York and consumer credit at 15:00.

Globally, markets were mixed with the FTSE 100 up 0.7 per cent, Hong Kong’s Hang Seng down 0.1 per cent and Germany’s Dax 0.5 per cent higher, against a 0.4 per cent decline on Japan’s Nikkei 225.

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