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Stock Futures Gain Amid Earnings Bounce

Tickers in this article: AAPL CSCO DD FIRE TRV TXN UPS ^DJI ^GSPC ^IXIC

NEW YORK ( TheStreet) -- Stock futures were pointing higher Tuesday after a batch of better-than-expected corporate earnings reports appeared poised to push U.S. markets to new record highs.

Markets around the world were bolstered Tuesday as the official Shanghai Securities News said the Chinese government is planning to invest in high-speed railways to help prevent annual economic growth from drifting below 7%. Shares were likewise lifted as the Japanese government raised its economic growth outlook for third-consecutive month. This follows Japanese Prime Minister Shinzo Abe's victory in Sunday's upper house elections amid expectations it will give him greater flexibility to pursue aggressive monetary policies.

Futures for the S&P 500 were rising 3 points, or 2.97 points above fair value, to 1,693.25. Futures for the Dow Jones Industrial Average were gaining 42 points, or 50.45 points above fair value, to 15,533. Futures for the Nasdaq were tacking on 6.5 points, or 5.72 points above fair value, to 3,054.

Of the 157 S&P 500-listed companies expected to report second-quarter earnings this week, 35 were expected to release results Tuesday.

DuPont was popping 3.9% to $59.40 after the chemicals conglomerate posted earnings that surpassed second-quarter estimates by a penny at $1.28 a share but revenue that fell below estimates. The company said that it's planning to sell or spin off its performance chemicals unit, which includes the paint pigments division, and to reshuffle management.

Travelers was rising 1.84% to $87 after the insurance giant and Dow component exceeded second-quarter expectations with earnings of $2.13 a share versus the average analyst estimate of $1.60. Revenues came in below the Wall Street target. Still, the company said its experiencing lower catastrophe losses as well as continued improvement in underlying underwriting margins in all segments.

Texas Instruments was advancing 3.74% to $38.75 after the chipmaker provided some positive remarks on semiconductor demand for the rest of the year and booked second-quarter earnings that beat expectations by a penny at 42 cents a share. Revenues matched estimates.

Apple shares were edging up to $427.43 in premarket trading. The company is expected by Wall Street to report on Tuesday fiscal third-quarter earnings of $7.32 a share on revenue of $35.02 billion. Apple posted a profit of $9.32 a share in the year-earlier quarter on revenue of $35 billion.

Apple is under scrutiny over whether it can re-energize the opinions of Wall Street and investors that the iPhone and iPod maker remains innovative and that its products are still relevant in the changing world of technologies.

United Parcel Service was ticking down 0.13% to $87.50 after the shipping giant said Tuesday that second-quarter earnings fell as customers opted for lower-cost shipping methods. The company also reduced full-year EPS guidance to a range between $4.65 and $4.85. The consensus estimate had been $4.98.