WASHINGTON (dpa-AFX) - Following the pullback seen last week, stocks may move back to the 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 62 points.
Optimism about earnings news may generate early buying interest, as a slew of big-name companies are due to report their quarterly results this week.
Amazon (AMZN), Coca-Cola (KO), AT&T (T), Boeing (BA), Caterpillar (CAT), Facebook (FB), Alphabet (GOOGL), Intel (INTC), McDonald's (MCD), and Twitter (TWTR) are just a few of the companies due to report their quarterly results.
According to FactSet data, 79 percent of S&P 500 companies have reported better than expected quarterly earnings so far this earnings season.
The looming deluge of earnings reports may keep some traders on the sidelines today, with just a few companies reporting their results before the start of trading.
Logitech (LOGI), TD Ameritrade (AMTD) and Whirlpool (WHR) are among the companies due to report their results after the close.
Traders may also be reluctant to make significant moves amid a quiet day on the U.S. economic front, looking ahead to on new and existing home sales, durable goods orders, and second quarter GDP in the coming days.
After ending Thursday's trading modestly higher, stocks moved mostly lower over the course of the trading day on Friday. The major averages failed to sustain an initial upward move and slid firmly into negative territory as the day progressed.
The major averages showed a notable move to the downside in late-day trading, hitting new lows for the session. The Dow fell 68.77 points or 0.3 percent to 27,154.20, the Nasdaq slid 60.75 points or 0.7 percent to 8,146.49 and the S&P 500 dropped 18.50 points or 0.6 percent to 2,976.61.
With the downturn on the day, the major averages also moved lower for the week. The Dow slumped by 0.7 percent, while the Nasdaq and the S&P 500 both tumbled by 1.2 percent.
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Monday. Japan's Nikkei 225 Index dipped by 0.2 percent, while Hong Kong's Hang Seng Index plunged by 1.4 percent.
Meanwhile, the major European markets have moved to the upside on the day. While the German DAX Index has climbed by 0.5 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index are both up by 0.3 percent.
In commodities trading, crude oil futures are climbing $0.74 to $56.37 a barrel after rising $0.33 to $55.63 a barrel last Friday. Meanwhile, an ounce of gold is trading at $1,427.40, up $0.70 from the previous session's close of $1,426.70. On Friday, gold dipped $1.40.
On the currency front, the U.S. dollar is trading at 107.94 yen compared to the 107.71 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is valued at $1.1216 compared to last Friday's $1.1221.
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