U.S. stock futures advanced on Tuesday, with Dow Jones Industrial Average futures up 170 points, or 0.3%, and S&P 500 futures gaining 12 points, or 0.2%. The rally followed a session where the Nasdaq Composite closed at a record high, as investors weighed new data on Gulf oil flows and awaited quarterly earnings from Constellation Brands. The Nasdaq 100 futures added 36 points, or 0.1%, in early trading.
Shipping data from Kpler, cited by Reuters, indicates that oil exports from the Gulf region exceeded pre-war levels for 14 days in September. The seven-day moving average for regional crude exports stood at 18.3 million barrels per day on September 30. This flow persisted despite Iran largely closing the Strait of Hormuz after the outbreak of war, a route that previously handled approximately one-fifth of global oil and liquefied natural gas flows. Vital Knowledge analysts described the volume of oil leaving the Middle East as "fairly healthy" given the regional turmoil, including disruptions in Yemen and the Bab el-Mandeb Strait.
While volumes have remained steady, the cost to move that oil has increased. Vital Knowledge noted that transportation costs through Hormuz are substantially higher than pre-war levels, a factor the analysts said is likely to keep end-customer prices elevated. Brent crude futures fell 0.8% to $99.53 per barrel on Tuesday.
Corporate earnings also drew attention as Constellation Brands prepares to report results after the Tuesday close. Bloomberg consensus estimates project comparable operating profit of $872.3 million on comparable net sales of $2.53 billion. In June, the company beat first-quarter profit expectations and maintained its fiscal 2027 adjusted earnings-per-share guidance of $11.20 to $11.90.
Macroeconomic data continues to influence market sentiment. Services-sector data showed that prices paid by companies in September reached their highest level since 2022, prompting the U.S. 10-year Treasury yield to hit its highest level in more than two decades. Deutsche Bank analysts observed "initial signs" that pressure on French sovereign debt is stabilizing, citing outperformance in French bonds.
Traders also await August U.S. trade figures due Tuesday. The July trade deficit widened 24.4% to $88.6 billion, with imports rising 2.8% to $399.3 billion, partly driven by consumer spending and artificial intelligence infrastructure expenditure.
In technology news, Bloomberg News reported that Chinese artificial intelligence firm DeepSeek is preparing to raise at least 80 billion yuan, or approximately $12 billion, in a round backed by Tencent and CATL. The company initially sought 50 billion yuan, but investor demand could push the total to 100 billion yuan. Earlier reports valued DeepSeek at approximately $74 billion, with investors monitoring potential plans for a public listing.