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Earnings bonanza to hit Wall Street

U.S. stock-index futures indicated a mildly lower open Monday, after closing higher for a fourth consecutive week on Friday.

The coming week is the busiest of the second-quarter earnings season, with key names including Apple (AAPL) and Facebook (FB) in the technology sector, Caterpillar (CAT) in the industrial sector and Exxon Mobil (XOM) and Chevron (CVX) in the energy industry.

Kimberly-Clark (KMB) reported earnings that beat on both the top and bottom line, while noting good performance in a challenging economic environment.

Sprint (NYSE:S) reported slightly better-than expected revenue as heavy discounts helped it attract the most postpaid subscribers on a net basis for any first quarter in nine years, Reuters said. However, the fourth-largest U.S. wireless carrier's net loss widened to $302 million, or 8 cents per share, from $20 million, or 1 cent per share, a year earlier, the newswire reported.

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Gilead Sciences (GILD) and Texas Instruments (TXN) are also due to post quarterly results.

U.S. crude oil futures traded about 1.5 percent lower near $43.50 a barrel as of 8:55 a.m. ET.

There are no major U.S. economic data due out on Monday, with new home sales out on Tuesday and durable goods orders and the Federal Reserve interest-rate decision on Wednesday.

"The Fed is overwhelmingly expected to keep the Federal Funds Rate unchanged at 0.25-0.50 percent," Emily Nicol, economist at Daiwa Capital Markets, said in a note on Monday.

"Likely of more interest will be the post-meeting press statement, which will be watched closely for the Committee's assessment of post-UK-referendum risks and therefore any hints about the likely timing for future rate increases," she added.

In corporate news, Verizon (VZ) announced Monday plans to acquire Yahoo (YHOO) for $4.8 billion in cash. Shares of Verizon were more than half a percent higher in pre-market trade, while Yahoo traded more than half a percent lower.

In political news, Hillary Clinton is expected to be formally nominated as the Democratic presidential candidate at the party's convention, which starts on Monday in Philadelphia.

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