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Stocks - U.S. Futures Rise After Alphabet Earnings, Upbeat Euro Zone Data

Investing.com – U.S. futures were higher on Tuesday, after upbeat euro-zone data helped to build on the positive sentiment

Investing.com – U.S. futures were higher on Tuesday, after upbeat euro-zone data helped to build on the positive sentiment created by last week's jobs report.

Stock indexes haven't been depressed by a disappointing earnings report from Google parent Alphabet (NASDAQ:GOOGL) after the bell on Monday. Higher spending on video content, employees and facilities increased eroded its profit margin, causing the shares to fall 2.5% in premarket trading.

Meanwhile hopes that the euro-zone economy has stopped slowing down helped lift investor confidence, as the IHS Markit purchasing managers’ index notched its first rise in three months in January.

The S&P 500 futures rose 5 points or 0.19% as of 6:40 AM ET (11:40 GMT) while Dow futures gained 83 points or 0.33%. Meanwhile tech-heavy Nasdaq 100 futures jumped 16 points or 0.24%.

Medical marijuana stocks were higher in premarket trading after news that Canopy Growth (NYSE:CGC) increased its stake in cannabis investment company Canopy Rivers. Canopy Growth rose 1.5% while Tilray (NASDAQ:TLRY) gained 4% and Aurora Cannabis Inc (TO:ACB) jumped 4.6%.

Elsewhere Advanced Micro Devices (NASDAQ:AMD) fell 2.98% after news that Middle Eastern wealth fund Mubadala was selling down its stake and keeping a much smaller position in it largely through warrants, rather than the underlying stock. Kraft Heinz (NASDAQ:KHC) dipped 1.15% and Facebook (NASDAQ:FB) was down 0.3%.

On the earnings front, focus will be on Walt Disney (NYSE:DIS), which reports after the close. Other companies reporting include Snap (NYSE:SNAP), Electronic Arts (NASDAQ:EA), Ralph Lauren (NYSE:RL), and Estee Lauder (NYSE:EL).

Investors are also looking ahead to the ISM non-manufacturing survey at 10:00 AM ET (15:00 GMT). Key data from the Commerce Department are delayed due to last month’s government shutdown.

In commodities, gold futures slipped 0.07% to $1,318.35 a troy ounce, while crude oil held onto recent gains, rising 1% to $55.06 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, was up 0.14% to a one-and-a-half-week high of 95.70.