S&P futures hover at record levels; materials, energy stocks rise
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[May 10, 2021]
By Medha Singh
(Reuters) - The S&P 500 futures hovered
near record highs on Monday as investors awaited economic data this week
for more clarity on the pace of economic recovery, while higher
commodity prices supported shares of miners, energy and steel companies.
Copper miner Freeport-McMoran rose 3.5% premarket, while aluminum
producer Alcoa gained 3.6% and steelmaker United States Steel Corp was
up 3.1% as copper prices touched a record high and aluminum scaled a new
peak. [MET/L]
Chevron Corp, Occidental Petroleum Corp and Exxon Mobil Corp firmed
about 0.8% after a cyber attack on top U.S. pipeline operator Colonial
Pipeline shuttered fuel network that transports nearly half of the East
Coast's supplies, lifting oil prices. [O/R]
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Cybersecurity firm FireEye jumped about 6% as industry sources said the
company was among those helping Colonial Pipeline to recover from one of
the most disruptive digital ransom schemes reported.
The S&P 500 and the Dow ended at record closing highs on Friday as an
unexpected slowdown in monthly jobs growth eased inflation worries and
fueled bets that the U.S. Federal Reserve would remain accommodative for
longer.
With latest economic reports depicting that the U.S. economy is not
recovering at the explosive pace as previously forecast, inflation
numbers this week and comments from Federal Reserve officials could
chart the next course for U.S. equities.
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The front facade of the New York Stock Exchange (NYSE) is seen in
New York City, U.S., May 4, 2021. REUTERS/Brendan McDermid
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At 6:46 a.m. ET, Dow e-minis were up 106 points, or
0.31%, S&P 500 e-minis were up 3.25 points, or 0.08%, and Nasdaq 100
e-minis were down 35.5 points, or 0.26%.
The earnings season is in its final stretch with about 87.2% of 439
S&P 500 companies beating estimates for profit, according to
Refinitiv data. Analysts expect overall first-quarter earnings to
jump 50.4% from a year ago, their strongest growth rate since 2010.
(Reporting by Medha Singh in Bengaluru; Editing by Maju Samuel)
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