Stocks - U.S. Futures Rally with Earnings in Focus

Investing.com - U.S. futures were higher on Monday as Wall Street looked set to recover from last week’s decline, with earnings season still in focus.

The S&P 500 and Nasdaq fell 1% each on Friday to seal their biggest weekly loss since late May, despite reaching all-time highs earlier in the week.

Nasdaq 100 futures rose 37 points or 0.5% by 6:50 AM ET (10:50 GMT), while Dow futures gained 63 points or 0.2% and S&P 500 futures inched up 8 points or 0.3%.

Earnings were in focus, with Halliburton (NYSE:HAL) rising 1.6% after its earnings were better-than-expected despite a drop in profit caused by $247 million of impairments.

RPM International (NYSE:RPM) is also set to report before the bell, while Whirlpool (NYSE:WHR) and TD Ameritrade (NASDAQ:AMTD)are among those reporting when the market closes.

Walt-Disney rose 0.6% in premarket trade, after The Lion King became its fifth blockbuster in 2019, while "Endgame", the finale of its Avengers series, became the highest-grossing film of all time.

Semiconductor company Micron (NASDAQ:MU) jumped 3.3%, while Advanced Micro Devices (NASDAQ:AMD) rose 1.1% and Facebook (NASDAQ:FB) gained 0.3%.

Elsewhere, Netflix (NASDAQ:NFLX) inched down 0.2%, while Intel (NASDAQ:INTC) fell 0.1%.

Meanwhile the chance of an aggressive Federal Reserve rate cut appear to have eased over the weekend after Boston Federal Reserve President Eric Rosengren, one of the leading 'hawks' on the policy-making Federal Open Markets Committee, said the U.S. economy doesn't require stimulus.

“I don’t want to ease if the (U.S.) economy is doing perfectly well without the easing,” he said in an interview with CNBC, which aired after Friday’s market close.

The implied odds of a rate cut of 50 basis points at next week’s Fed meeting fell, but a quarter-point reduction is still seen as certain.

In commodities, crude oil jumped 1.7% to $56.55, with risk premiums on the rise after a British-flagged tanker was seized by Iran in the Gulf last Friday. Gold futures rose 0.1% to $1,427.85 a troy ounce, while the U.S. dollar index, which measures the greenback against a basket of six major currencies, was flat at 96.840.

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