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US STOCKS-Futures slightly higher as earnings season kicks into full swing
July 22, 2013 / 11:36 AM / 4 years ago

US STOCKS-Futures slightly higher as earnings season kicks into full swing

* One-third of S&P 500 companies due to report this week

* McDonald‘s, Netflix and Halliburton earnings on tap

* Existing home sales data due at 10:00 a.m. (1400 GMT

* Futures up: Dow 16 pts, S&P 0.9 pt, Nasdaq 7.25 pts

NEW YORK, July 22 (Reuters) - U.S. stock index futures were slightly higher on Monday with corporate earnings season kicking into full swing, but gains were likely to be capped as the S&P 500 hit yet another closing high on Friday.

* About a third of S&P 500 companies are due to report earnings this week, including Dow components McDonald’s Corp on Monday. Netflix Inc and Halliburton Co are also due to report earnings later in the day.

* The S&P 500 index on Friday edged up to end at a second straight record high, while the Dow and Nasdaq stock gauges fell as disappointing earnings results from Microsoft and Google dragged on the market. Stronger-than-expected results from General Electric Co and oilfield services company Schlumberger NV helped the S&P 500 to offset the tech losses and post a fourth week of gains.

* In economic news, the Federal Reserve Bank of Chicago’s national activity index for June is due at 8:30 a.m. ET (1230 GMT) and June existing home sales data is due at 10:00 a.m. ET. For home sales, a Reuters survey of economists expect a reading of an annualized 5.25 million units, compared to a prior reading of 5.18 million.

* On Tuesday, Apple Inc earnings are likely to take the spotlight, especially after Microsoft Corp shares took a hit last week after reporting disappointing results.

* S&P 500 futures rose 0.9 point and were in line with fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures rose 16 points, and Nasdaq 100 futures added 7.25 points.

* In Europe, shares were broadly unchanged by midday trade as mixed company earnings halted the index’s march back towards five-year highs. In the early stages of the European quarterly earnings season, 51 percent of companies that have reported results have either met or beaten expectations, although year-on-year second-quarter growth has contracted by 4 percent, according to Thomson Reuters Starmine data, reflecting a tough economic backdrop.

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