By Mark DeCambre, MarketWatch
Banks in focus as second-quarter earnings unofficially get under
way
U.S. stocks on Monday were poised to climb modestly, building on
their record finishes from last week, as a wave of second-quarter
earnings await.
How are the major benchmarks performing?
Futures for the Dow Jones Industrial Average were up 51 points,
or 0.2%, at 27,360, those for S&P 500 climbed 4.85 points, or
0.2%, at 3,020.25, while Nasdaq 100 futures rose 11.75 points to
reach 7,971.25, a gain of 0.1%.
On Friday, the Dow gained 244.02 points, or 0.90%, at 27,332.10,
while the S&P 500 index added 13.83 points, or 0.5%, at
3,013.75. The Nasdaq Composite index closed 48.10 points higher at
8,244.14, a gain of 0.6%.
Read:The Dow components that drove the blue-chip stock index to
27,000
(http://www.marketwatch.com/story/here-are-the-dow-components-driving-the-blue-chip-stock-index-to-a-27000-milestone-2019-07-11)
(http://www.marketwatch.com/story/here-are-the-dow-components-driving-the-blue-chip-stock-index-to-a-27000-milestone-2019-07-11)Also
see: All of the important Dow milestones in one chart
(http://www.marketwatch.com/story/all-of-the-important-dow-milestones-in-one-chart-2019-07-12)
What's driving the market?
Citigroup Inc. (C)is slated to kick off its second-quarter
earnings season later Monday, representing the unofficial start of
quarterly results on Wall Street. Investors will be keenly watching
results for signs of the impact of Sino-American tariff wars, a
regime of ultralow interest rates and a domestic slowdown buffeting
global economies, washing up in some areas of the U.S.
"Citigroup will be in focus today as the bank will release its
second-quarter figures. Traders will be keeping an eye on the banks
net lending margin rate, and the profitability of its lending
division," wrote David Madden, market analyst at CMC Markets
UK.
In Asia, Chinese stocks edged higher on a mixed bag of data that
showed that the world's second-largest economy expanded at the
slowest pace in 27 years, raising expectations that Beijing would
introduce stimulus measures to support the economy. Meanwhile,
measures of industrial production came in better than expected.
China gross domestic product, or GDP, in the second quarter
slowed to 6.2%, marking its slowest pace since 1992 -- though
mostly matching expectations -- from a reading of 6.4% in the first
quarter. Industrial production in the country accelerated to 6.3%
from 5.0%, ahead of the 5.2% consensus.
Markets have been mostly rising on the promise of easy-money
policies from the likes of the Federal Reserve and the European
Central Bank, with some investors speculating that anticipation a
further round of monetary-policy stimulus from Beijing's central
bank has also helped to soften the impact of a relatively weak GDP
print.
See:Banks should shine among S&P 500 stocks this earnings
seaso
(http://www.marketwatch.com/story/banks-should-shine-among-sp-500-stocks-this-earnings-season-2019-07-09)n
(http://www.marketwatch.com/story/banks-should-shine-among-sp-500-stocks-this-earnings-season-2019-07-09)
Check out: This stock-market canary has keeled over
(http://www.marketwatch.com/story/this-stock-market-canary-has-keeled-over-2019-07-12)
Read: With trade tensions escalating, here are 5 things to know
about this earnings season
(http://www.marketwatch.com/story/5-things-to-know-about-this-earnings-season-2019-07-12)
Which stocks are in focus?
Gilead Sciences Inc. (GILD) said would invest $5.1 billion
(http://www.marketwatch.com/story/gilead-paying-51-billion-to-increase-its-stake-in-belgian-biotech-galapagos-2019-07-14)
to raise its stake in Belgian biotechnology company Galapagos N.V.
ADR (GLPG.AE).
Shares of Anheuser-Busch InBev SAwere in focus
(http://www.marketwatch.com/story/anheuser-busch-inbev-calls-off-asia-unit-ipo-2019-07-12)after
the seller of Budweiser (ABI.BT) called off what would have been
the largest initial public offering of the year, saying it wouldn't
proceed with the nearly $10 billion listing of its Asian
business.
How are other markets trading?
The yield on the 10-year Treasury note was 2.12%.
In Asia, stocks finished higher, with the China CSI 300 adding
0.4%, Japan's Nikkei 225 rising 0.2% and Hong Kong's Hang Seng
Index advancing 0.2%. European shares were marginally higher, with
the Stoxx Europe 600 edging 0.1% higher.
In commodities markets, crude-oil prices were climbing modestly,
up 0.3% at $60.40 a barrel, along with gold prices , rising 0.4% at
$1,417.80 an ounce.
The U.S. dollar was trading flat at 96.809 in early Monday
dealings, as measured by the ICE U.S. Dollar Index.
(END) Dow Jones Newswires
July 15, 2019 07:29 ET (11:29 GMT)
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