Futures higher as investors assess earnings scorecard
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[July 31, 2017]
By Sweta Singh
(Reuters) - U.S. stock index futures were
slightly higher on Monday with investors assessing Corporate America's
second quarter earnings scorecard while waiting for a clutch of economic
* Of the 289 S&P 500 companies that reported results until Friday, 73
percent of them beat analyst expectations. This is above the 71 percent
average over the past four quarters, according to Thomson Reuters
* Investors have been counting on earnings to support the relatively
high valuations for equities. The S&P 500 is trading at about 18 times
earnings estimates for the next 12 months, above its long-term average
of 15 times.
* Apple Inc <AAPL.O>, a part of the Dow, is expected to report quarterly
results after market close on Tuesday and its performance may hold the
sway over tech stocks this week.
* The S&P 500 slipped on Friday on negative reactions to earnings
reports from high-profile names such as Amazon <AMZN.O>, Exxon <XOM.N>
and Starbucks <SBUX.O> and a drop in shares of tobacco companies.
* Data vying for attention includes ISM Chicago Purchasing Managers'
Index data that is expected at 9:45 a.m. ET. The reading, which is an
indicator of the strength of U.S. manufacturing sector, is likely to
show a slight dip in July.
* The Federal Reserve of Dallas will release its monthly
manufacturing index for July at around 10:30 a.m. ET.
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Traders work on the floor of the New York Stock Exchange (NYSE) in
New York, U.S., July 20, 2017. REUTERS/Brendan McDermid
* Even as oil prices were slightly down on Monday, July was on track to become
the strongest month for the commodity this year. [O/R]
* Scripps Network was up 1.23 percent at $87.98 premarket after Discovery
Communications said it would buy the media company for $14.6 billion.
* Dynavax Technologies was up 108 percent at $19.25 in heavy premarket trading
after its experimental hepatitis B vaccine received positive feedback from a
panel of expert advisers to the U.S. Food and Drug Administration.
Futures snapshot at 7:39 a.m. ET (11:39 GMT):
* S&P 500 e-minis were up 3 points, or 0.12 percent, with 123,122
contracts changing hands.
* Nasdaq 100 e-minis were up 12.75 points, or 0.22 percent, in volume of 24,251
* Dow e-minis were up 50 points, or 0.23 percent, with 18,665 contracts changing
(Reporting by Sweta Singh and Yashaswini Swamynathan in Bengaluru; Editing by
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