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 Expectations for profit growth are low as companies struggle with a
weak global economy, falling commodity prices and a stronger dollar.
Earnings at S&P 500 companies are expected to have declined 7.6
percent on average in the first quarter, according to Thomson
Reuters I/B/E/S.
Big bank earnings are also on the cards through the week, starting
with JPMorgan Chase & Co <JPM.N> on Wednesday.
"We're in a bit of a holding pattern until earnings, which kick off
with Alcoa tonight, but more importantly the banks will start to
report by mid-week," said Aaron Clark, a portfolio manager at GW&K
Investment Management in Boston.
"That will be the next key event, which moves the market one way or
the other," he said.
At 8:32 a.m. ET, Dow e-minis <1YMc1> were up 59 points, or 0.34
percent, with 33,148 contracts changing hands. S&P 500 e-minis
<ESc1> were up 7.25 points, or 0.36 percent, with 246,297 contracts
traded. Nasdaq 100 e-minis <NQc1> were up 18 points, or 0.4 percent,
on 34,166 contracts.
Investors are also looking for clarity on monetary policy, with U.S.
Federal Reserve appearing more cautious on rate hikes than the
market had expected.
A meeting on Monday between U.S. President Barack Obama and Fed
Chair Janet Yellen to discuss the economy and Wall Street reform
will be keenly watched.
Oil, which has been a big influence on the stock market this year,
was little changed ahead of next Sunday's meeting by producers aimed
at freezing output. [O/R]
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A rally in crude on Friday pushed Wall Street higher, but did little
to boost sentiment and the three major indexes still closed lower
for the week.
New York Fed President William Dudley, who is a permanent voting
member of the rate-setting Federal Open Market Committee, is due to
speak later in the day.
Yahoo shares were up 1.2 percent at $36.49 premarket after the
parent company of Britain's Daily Mail said it was in talks with
potential partners to mount a bid for the company's Internet assets.
Seagate rose 2.8 percent to $34.15 after Cowen started coverage on
the stock with a "market perform" rating.
National Oilwell Varco <NOV.N> dropped 5 percent to $27.65 after the
oilfield equipment maker said it would cut its quarterly dividend.
(Reporting by Abhiram Nandakumar in Bengaluru; Editing by Anil
D'Silva)
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