MARKET SNAPSHOT: U.S. Stocks: Futures Gain As Apple Climbs, ECB Offers Cheer

By Barbara Kollmeyer, MarketWatch

MADRID (MarketWatch) -- U.S. stock futures rose after upbeat results from Apple Inc. lifted those stocks in premarket trading and investors weighed a report that the European Central Bank may be looking at buying corporate bonds.

Investors are waiting on existing home-sales data as well as earnings from the likes of McDonald's Corp., Coca-Cola Co. and others.

Extending earlier gains, futures for the Nasdaq-100 index (NDZ4) rose 36 points, or 0.9%, to 3,901.75. Those for the S&P 500 index (SPZ4) rose 15 points, or 0.8%, to 1,914.90, while Dow industrials futures (DJZ4) jumped 101 points, or 0.6%, to 16,431.

Shares of Apple Inc. (AAPL) rose 2% in thin premarket trading, after the company reported a 13% rise in profit, boosted by strong demand for its new, bigger-screen iPhones and blowing out Wall Street estimates. Morgan Stanley lifted its price target on Apple to $115 from $110, and analysts at the investment bank said strong iPhone demand and gross margin expansion will help drive upside for shares. Also read: How you could have seen Apple's beat coming

The Nasdaq Composite(RIXF) had a strong session on Monday even before Apple reported, gaining 1.4% and bettering the 0.9% gain for the S&P 500 index (SPX).

ECB cheer, home sales ahead: Along with stock futures, the euro (EURUSD) fell and European stocks rallied on a Reuters report that the ECB may be investing in the corporate bond market. Such a move would beef up its program aimed at driving growth in the continent's struggling economy.

Economists expect existing-home sales crept higher in September to an annual rate of 5.10 million from 5.05 million in August. That data is due at 10 a.m. Eastern. See the daily data preview

Shares of Travelers Cos. (TRV) and United Technologies (UTX) both rose after results.

Ahead of that, McDonald's (MCD) is expected to report earnings of $1.37 per share, while Coca-Cola (KO) is expected to report earnings of 53 cents a share, according to FactSet consensus surveys.

Yahoo Inc. (YHOO) will report after the close.

Among other stocks that may see action, Chipotle Mexican Grill Inc. (CMG) warned sales growth may slow, even as it reported stronger-than-expected earnings late Monday. Follow more of the day's big movers here.

China growth slows: The Nikkei 225 index fell 2% on Tuesday, which gave the yen (USDJPY) a boost across the board, while China's Shanghai Composite Index fell 0.7% after data showed China's economy grew in the third quarter at the slowest pace in five years. Europe stocks soared on those ECB reports. and a round of solid earnings.

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