Stock Futures Gain as Weak Jobs Data Fuels Stimulus Forecasts, Delta Pops
NEW YORK ( TheStreet) -- Stock futures were edging higher Tuesday as investors balanced upbeat earnings from Delta Air Lines
Futures for the S&P 500 were up 5.75 points, or 4.94 points above fair value, to 1,744. Futures for the Dow Jones Industrial Average were ahead by 52 points, or 40.35 points above fair value, to 15,374. Futures for the Nasdaq were up 13.3 points, or 21.07 points above fair value, to 3,367.3.
Delta Air Lines shares were advancing 3.8% to $25.62 after beating earnings estimates , reducing debt, paying a dividend and buying back shares. The moves were underscoring its commitment to lure investors back to the airline industry.
Travelers Companies was rising 2% to $88.50 after the insurance company exceeded third-quarter earnings expectations by 28 cents at $2.35 a share as underwriting margins strengthened. The company also added $5 billion to its share repurchase program.
Apple is holding an iPad event Tuesday in San Francisco at which its expected to refresh the company's second-largest driver of revenue, behind the iPhone. Apple's iPad-centric event could be its most important since the original iPad was announced, according to Cantor Fitzgerald analyst Brian White. Shares were edging up 0.46% to $523.77. Shares were rising 1.12% to $527.19.
The U.S. work force added 148,000 jobs in September, the Labor Department said Tuesday. Meanwhile, the unemployment rate fell to 7.2% from 7.3% the previous month. Economists, on average, were expecting an addition of 180,000 jobs and the unemployment rate is expected to stay at 7.3%, according to a Thomson Reuters poll of economists.