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 Crude prices resumed their slide after a strong two-day rally as
output from Iraq reached record highs. [O/R]
U.S. stocks logged their first positive week of the year last week,
with the three indexes closing up 2 percent on Friday.
All eyes will be on the U.S. Federal Reserve's next move on interest
rates when the Federal Open Market Committee meets on Jan. 26-27.
Investors, already rattled by the volatile start to the year and a
persistent decline in oil prices, now turn to quarterly corporate
results with lowered expectations.
Quarterly profits at S&P 500 companies are expected to fall 4.3
percent, according to Thomson Reuters data. Excluding energy
companies, earnings are estimated to grow by 1.7 percent.
Dow component McDonald's is scheduled to report results before the
bell.
Tyco International's shares soared 14.4 percent to $27.71 premarket
after Johnson Controls Inc said it would merge with the
Ireland-based fire protection and security systems maker.
Twitter was down 5.5 percent at $16.85 after Chief Executive Jack
Dorsey said four senior executives would leave the social media
company.
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Caterpillar was down 2.6 percent at $59.40 after Goldman Sachs cut
its rating on the stock to "sell".
Futures snapshot at 6:56 a.m. ET:
Dow e-minis were down 51 points, or 0.32 percent, with 34,652
contracts changing hands.
S&P 500 e-minis were down 4.5 points, or 0.24 percent, with 203,363
contracts traded.
Nasdaq 100 e-minis were down 12.5 points, or 0.29 percent, on volume
of 41,100 contracts.
(Reporting by Abhiram Nandakumar in Bengaluru; Editing by Anil
D'Silva)
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