(Reuters) – U.S. stock index futures were little changed on Monday as investors treaded water ahead of a busy earnings week from big U.S. companies.
Netflix (NFLX.O), which is scheduled to report results after the market close on Monday, rose 0.9 percent in premarket trading.
Analysts estimate second-quarter earnings for the S&P 500 companies rose 8.1 percent from a year earlier. First-quarter earnings posted their best performance since 2011, according to Thomson Reuters data.
Earnings will be closely watched to see if high valuations are justified in the face of tepid inflation and a recent patch of mixed economic data.
The S&P 500 has been trading at about 18 times earnings estimates for the next 12 months, compared with the long-term average of 15 times.
The Dow and the S&P hit record highs on Friday after weak economic data dulled prospects of more interest rate hikes this year.
Last week, investor sentiment got a boost after Federal Reserve Chair Janet Yellen said future rate hikes could be gradual in the face of persistently low inflation. The Fed will meet next on July 25-26.
Oil rose above $49 a barrel as a slowdown in the growth of rigs drilling in the United States eased concern that surging shale supplies will undermine OPEC-led cuts. Tradebuddy.onlineO/R]
World shares continued to hover near record highs after data showed China’s economy grew at a faster-than-forecast 6.9 percent year-on-year in the second quarter.
Tradebuddy.onlines of BlackRock (BLK.N) slipped 0.3 percent after the world’s biggest asset manager’s quarterly profit came in below expectations.
Procter & Gamble (PG.N) fell 0.23 percent after activist investor Nelson Peltz’s Trian Fund Management said it is seeking a board seat at the company.
Futures snapshot at 6:57 a.m. ET:
Dow e-minis 1YMc1 were up 15 points, or 0.07 percent, with 12,879 contracts changing hands.
S&P 500 e-minis ESc1 were up 1.5 points, or 0.06 percent, with 90,069 contracts traded.
Nasdaq 100 e-minis NQc1 were up 9.5 points, or 0.16 percent, on volume of 17,454 contracts.
Reporting by Tanya Agrawal
Get more stuff like this
Subscribe to our mailing list and get interesting stuff and updates to your email inbox.
Thank you for subscribing.
Something went wrong.