US stocks set to rise on Ford,3M results

US stocks appear headed for a higher opening Tuesday on strong results from Ford and 3M.

Stocks appear headed for a higher opening Tuesday on strong earnings reports from Ford and 3M.

Before the market opened Tuesday,Ford Motor Co. results reported its best first quarter earnings since 1998. The car maker beat Wall Street’s earnings estimates with stronger sales of new vehicles. The company’s stock rose 2.8 percent in pre-market trading.

3M Co. rose 3 percent in pre-market dealings. The maker of Post-Its and Scotch Tape said quarterly profit jumped 16 percent from a year ago,beating analysts’ estimates. 3M raised its full-year earnings expectations despite taking a hit from the earthquake in Japan.

Story continues below this ad

United Parcel Service Inc. also raised its earnings estimate for the year after its quarterly results jumped 66 percent,beating analysts’ estimates. UPS rose 1.7 percent in pre-market trading.

Coca-Cola Co.’s stock fell 1.7 percent,after its results fell a penny short of Wall Street’s expectations. First quarter net income rose 18 percent as sales overseas gained strength.

Later in the morning,the Conference Board will release its gauge of Consumer Confidence for April. Forecasters expect to see the index rise this month after falling in March.

The Federal Reserve begins a two-day meeting on Tuesday. Economists expect the Fed will leave short-term interest rates unchanged and end its $600 billion bond-buying program in June as scheduled. The bond-buying effort has been credited with lifting financial markets since Fed Chairman Ben Bernanke hinted at it last August.

Story continues below this ad

Before the opening bell,Dow Jones industrial average futures are up 38 points,or 0.3 percent,at 12,465. S&P 500 futures are up 5 points,or 0.4 percent,at 1,336. Nasdaq 100 futures are up 8 points,or 0.4 percent,at 2,386.

Weak earnings reports dragged the Dow and S&P 500 lower on Monday.