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* Futures up: Dow 0.60%, S&P 0.52%, Nasdaq 0.52%
July 20 (Reuters) – Futures tracking Wall Street’s 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.
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’s cloud and consulting businesses.
Focus is now on earnings reports from companies including Netflix Inc, Philip Morris and Chipotle Mexican Grill later in the day.
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.
Analysts now see year-on-year S&P 500 earnings growth of 72% for the April to June period, per Refinitiv.
Wall Street’s 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.
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…
