US Futures Surge as Strong BP Earnings Kickstart Rally

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US stock futures posted moderate gains Tuesday after upbea t earnings from British oil and gas giant BP ( BP ) kickstarted a rally in European equities.

Oil prices nudged lower with global benchmark Brent crude down 0.35%, and US West Texas Intermediate crude down 1.1% recently amid reports that exports from Iran recovered in January despite US sanctions.

At 9:45 am, data are expected to show the final Markit Purchasing Managers’ Index coming in at 54.2 for January against December’s 54.4, according to data compiled by Econoday.

At 10 am, forecasters see the nonmanufacturing index based on the Institute for Supply Management survey coming in at 57.1 for January as compared to December’s 58.0 level.

In equities, shares of Moleculin ( MBRX ) were 15.6% higher pre-bell after the US Food and Drug Administration granted orphan drug status to the company’s brain tumor drug.

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