Stock futures rise ahead of big week for profits

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US equity futures are trading higher to start the new week which will be loaded with key earnings reports.

Major futures indices suggest a rise of 0.4% at the start of Monday’s session on Wall Street.

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Several issues could influence the direction of the market, including U.S.-China tensions, coronavirus cases, and a slew of corporate earnings reports.

Investors are gearing up for the busiest week of the second quarter earnings season. About a dozen of Dow Industrial’s 30 companies are expected to report, along with 179 S&P 500 companies, more than a third of the benchmark. Among the names reported during the week will be Facebook on Wednesday, followed by Apple, Amazon and Google on Thursday.

In Europe, London’s FTSE was down 0.1%, Germany’s DAX added 0.5% and France’s CAC was little changed.

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In Asian markets, the Tokyo Nikkei index fell 0.2%, the Hong Kong Hang Seng fell 0.4%, and the Shanghai Composite Index of China fell 0.3%.

Investors were rocked last week by the latest US-China diplomatic row. The Trump administration asked Beijing last week to close its consulate in Houston. China responded by ordering the closure of the US consulate in the southwestern city of Chengdu.

Gold jumped $ 38.10 to a record high of $ 1,935.80 an ounce, a sign that investors were looking for safe havens to park their money.

On Friday, Wall Street’s benchmark S&P 500 fell 0.6%, the Dow Jones Industrial Average slipped 0.7%, and the Nasdaq composite fell 0.9%.

Teleprinter security Latest Change Change%
I: DJI MEDIUM DOW JONES 26469,89 -182,44 -0,68%
SP500 S&P 500 3215,63 -20.03 -0,62%
I: COMP INDEX COMPOSITE NASDAQ 10363.177069 -98,24 -0,94%

Investors are also worried about the increase in the number of layoffs in the United States, as the rise in coronavirus infections leads more businesses to close. Additional unemployment benefits expire this week. Congress has yet to agree on additional economic aid.

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In energy markets, benchmark US crude fell 14 cents to $ 41.16 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 22 cents on Friday to settle at $ 41.29. Brent, used for the price of international oils, fell 13 cents to $ 43.21 a barrel in London.

The Associated Press contributed to this article.

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