Futures slightly higher as oil prices jump

[May 15, 2017]  By Tanya Agrawal

(Reuters) - U.S. stock index futures were slightly higher on Monday as a rise in oil prices offset concerns over a massive cyber attack that locked up 200,000 computers in more than 150 countries.

* Oil hit a three-week high after top exporter Saudi Arabia and Russia said supply cuts needed to last into 2018, a step toward extending an OPEC-led deal to support prices for longer than originally agreed.

* Shares of oil majors Exxon and Chevron  edged up 0.4 percent in premarket trading.

* Investors seemed to mostly shrug off fears from a successful missile test by North Korea and a cyberattack that disrupted operations at car factories, hospitals, shops and schools.

* Shares of cybersecurity firms such as Fireye, Symantec, Palo Alto Networks and Cyberark Software were all up.

* Wall Street slipped on Friday, ending the week lower as tepid economic data weighed on banks and worries deepened over department stores.

* Wall Street was gripped by risk-averse sentiment last week after President Donald Trump unexpectedly fired the FBI chief, the potential fallout from which could delay Trump's pro-growth goals to cut taxes and boost spending on infrastructure.

* The new administration's agenda, which is seen favoring the economy, has sent the S&P 500 soaring about 12 percent since the election with the index trading at 17.6 times expected earnings, higher than its 10-year average of 14.2.

* Soft retail sales and monthly inflation data on Friday raised concerns about slow economic growth.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 12, 2017. REUTERS/Brendan McDermid

* The tepid economic data comes on the heels of a strong quarterly earnings season where earnings at S&P 500 companies are expected to grow 14.5 percent - their best showing since 2011, according to Thomson Reuters I/B/E/S.

* The NAHB Housing Market Index for May, is expected to remain unchanged at 68 from the month before. The data is expected at 10 a.m. ET.

* Tesla was down 2.7 percent at $316 after Morgan Stanley downgraded its rating on the electric-car maker's stock.

Futures snapshot at 7:04 a.m. ET:

* Dow e-minis were up 35 points, or 0.17 percent, with 19,434 contracts changing hands.

* S&P 500 e-minis were up 2.25 points, or 0.09 percent, with 105,469 contracts traded.

* Nasdaq 100 e-minis were down 1.25 points, or 0.02 percent, on volume of 21,181 contracts.

(Reporting by Tanya Agrawal; Editing by Saumyadeb Chakrabarty)

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