US Stock Futures Rise After Positive Manufacturing Activity From China

New York (Nov 1)  Stock futures rose on Tuesday after solid manufacturing data from China eased concerns over the world's second-largest economy.

S&P 500 futures were up 0.2%, Dow Jones Industrial Average futures gained 0.16%, and Nasdaq futures rose 0.18%.

Manufacturing activity in China improved in October to its best level in two years. The official manufacturing purchasing managers index rose to 51.2 in October, up from 50.4 in September, according to the National Bureau of Statistics. The measure has improved for three straight months. Improvement in the sector comes as a relief after stretches of weak growth in the manufacturing-focused economy.

Manufacturing activity in the U.S. will be in the spotlight on Tuesday morning as well. The ISM manufacturing index for October and construction spending for September will be released mid-morning.

Pfizer (PFE) fell 3.2% in premarket trading after issuing a disappointing outlook for earnings. The drugmaker said it expects full-year earnings of $2.38 to $2.43 a share, narrowing the upper-range of its guidance from $2.48. Analysts had anticipated full-year earnings of $2.46 a share. Pfizer also missed third-quarter profit, reporting adjusted net income of 61 cents a share, a penny below estimates. Revenue rose 8% and came in roughly in line with consensus.

Coach (COH) shares were under pressure after the fashion accessories retailer missed quarterly sales estimates. The company reported a 1% increase in revenue to $1.04 billion, though coming in short of $1.07 billion consensus. Coach forecasts fiscal 2017 revenue growth in the low-to-mid single digits.

Source: TheStreet