WASHINGTON (dpa-AFX) - Following last week's run to new record highs, stocks are likely to see some further upside in early trading on Monday. The major index futures are currently pointing to a higher open for the markets, with the Dow futures up by 50 points.
A positive reaction to earnings news from Citigroup (C) may generate some early buying interest, as the financial giant is moving moderately higher in pre-market trading.
Citigroup kicked off the earnings season by reporting second quarter earnings of $1.95 per share compared to analyst estimates for $1.81 per share. The company also reported stronger than expected revenue growth.
Traders may be reluctant to make substantial moves, however, as a slew of other big-name companies are due to report their quarterly results in the coming days.
Goldman Sachs (GS), Johnson & Johnson (JNJ), JPMorgan (JPM), Kraft Heinz (KHC), IBM (IBM), Microsoft (MSFT), and America Express (AXP) are among the companies due to report their results this week.
On the U.S. economic front, the Federal Reserve Bank of New York released a report showing regional manufacturing activity rebounded modestly in the month of July.
The New York Fed said its general business conditions index climbed to 4.3 in July from a negative 8.6 in June, with a positive reading indicating growth in regional manufacturing activity. Economists had expected the index to rise to a positive 2.0.
The bigger than expected rebound by the general business conditions index came after it recorded its first negative reading in over two years in the previous month.
Closely watched reports on retail sales, industrial production, homebuilder confidence and housing starts are also likely to attract attention over the next few days.
Extending the upward trend seen over the past few sessions, stocks moved mostly higher during the trading day on Friday. With the continued upward move, the major averages all ended the session at new record closing highs.
The major averages saw further upside going into the close, finishing the day at their best levels of the session. The Dow jumped 243.95 points or 0.9 percent to 27,332.03, the Nasdaq climbed 48.10 points or 0.6 percent to 8,244.14 and the S&P 500 rose 13.86 points or 0.5 percent to 3,013.77.
For the week, the Dow surged up by 1.5 percent, while the Nasdaq and the S&P 500 advanced by 1 percent and 0.8 percent, respectively.
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Monday, with the Japanese markets closed for a holiday. China's Shanghai Composite Index rose by 0.4 percent, while Australia's S&P/ASX 200 Index slid by 0.7 percent.
Meanwhile, the major European markets have all moved to the upside on the day. While the French CAC 40 Index has risen by 0.2 percent, the U.K.'s FTSE 100 Index and the German DAX Index are both up by 0.5 percent.
In commodities trading, crude oil futures are rising $0.20 to $60.41 a barrel after inching up $0.01 to $60.21 a barrel last Friday. Meanwhile, an ounce of gold is trading at $1,414.50, up $2.30 from the previous session's close of $1,412.20. On Friday, gold climbed $5.50.
On the currency front, the U.S. dollar is trading at 107.95 yen compared to the 107.91 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is valued at $1.1266 compared to last Friday's $1.1270.
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