Futures pull back ahead of earnings; oil stocks jump
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[April 22, 2019]
By Sruthi Shankar
(Reuters) - U.S. stock index futures dipped
on Monday as investors returned from their Easter break and took a
cautious stance at the beginning of what is expected to be the busiest
week of the first-quarter earnings season.
The S&P 500 closed slightly lower last week, ending its three-week
winning streak, but hovered about 1% away from a record high hit in
September on U.S.-China trade hopes and a largely upbeat earnings
More than a third of the S&P 500 companies, including Boeing Co,
Amazon.com Inc and Facebook Inc, will report this week determining
whether investors should be concerned about the start of an earnings
recession or whether back-to-back quarters of negative growth can be
S&P 500 profits are expected to drop 1.7% year-over-year, according to
Refinitiv data in what could be the first earnings contraction since
Halliburton Co was up 3.8% in premarket trading after the oilfield
services provider reported a surge in quarterly profit driven by a
recovery in demand from its international customers.
Also helping was a surge in oil prices, with the United States set to
announce a further clampdown on Iranian oil exports, tightening global
Exxon Mobil Corp was up 0.6% and Schlumberger NV gained 1.5%.
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A street sign for Wall Street hangs in front of the New York Stock
Exchange May 8, 2013. REUTERS/Lucas Jackson
At 7:21 a.m. ET, Dow e-minis were down 60 points, or 0.23%. S&P 500 e-minis were
down 7.75 points, or 0.27% and Nasdaq 100 e-minis were down 23.75 points, or
Boeing Co was down 1.2% following a New York Times report over the weekend that
the company's factory in South Carolina, which makes the 787 Dreamliner, has
been plagued by shoddy production and weak oversight that have threatened to
compromise safety. Another report on Sunday said the planemaker rejected the
Tesla Inc fell 2.4% after the electric car company said it has sent a team to
investigate a video on Chinese social media which showed a parked Tesla Model S
car exploding. Chinese rival Nio Inc's shares were down 3.1%.
Pinterest Inc shares dipped 1.9% after closing up more than 30% in their market
debut on Thursday. Brokerage Zephirin Group started coverage with a "sell"
rating, citing a very competitive market for visual sharing.
(Reporting by Sruthi Shankar and Amy Caren Daniel in Bengaluru; Editing by
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