European stocks retreated slightly on Tuesday morning with investors waiting for earnings season to kick off in the U.S., while watching the latest China data and coronavirus developments.
The lackluster open came as investors brace themselves for the first batch of corporate earnings and updates on a U.S. stimulus package.
U.S. stock futures fell slightly in overnight trading ahead of third-quarter earnings season that starts on Tuesday.
Several major banks are slated to report their results, including JPMorgan Chase, Citigroup and Delta Air Lines. Third-quarter results are expected to decline significantly; however, traders are hoping for a surprise to the upside.
Tech stocks will be in focus Tuesday as Apple’s long-awaited iPhone launch, which was pushed to October due to Covid-19, occurs on Tuesday and the company is expected to launch its first-ever 5G iPhone