US STOCKS-Dow, S&P futures rise as banks, energy stocks rebound

  • 7/9/2021
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(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.) * Futures: Dow up 0.59%, S&P up 0.32%, Nasdaq down 0.15% July 9 (Reuters) - The Dow and S&P 500 futures rose on Friday as energy and banking shares rebounded from a sharp selloff that was triggered by growth worries and has put the indexes on track for their biggest weekly fall since mid-June. Energy firms such as Exxon Mobil Corp, Devon Energy Corp, Schlumberger NV, Occidental Petroleum Corp and Halliburton Co rose between 1% and 1.8% in premarket trading, tracking oil prices. Rate-sensitive lenders Wells Fargo & Co, Morgan Stanley, JP Morgan Chase & Co, Citigroup Inc , Goldman Sachs Group Inc and Bank of America Corp gained between 0.9% and 2%, as the benchmark 10-year Treasury yield rose, breaking an eight-day falling streak. Among companies benefiting from economic reopenings, cruise operators including Royal Caribbean Cruises Ltd and Carnival Corp added more than 2.5% each, while airlines such as United Airlines Holdings and American Airlines Group Inc rose about 1.5% each. Wall Street’s main indexes slid on Thursday, as investors flocked to bond markets amid concerns that the domestic economic recovery was losing steam, with the S&P 500 and the Nasdaq pulling back from record closing highs in a broad selloff. The S&P 500 is down 0.7% so far this week, while the Dow has declined 1%. The Nasdaq is set to post a smaller weekly decline of 0.5%, helped by a recent move into growth companies, but was still on track for its worst week since mid-May. Focus will now shift to second-quarter earnings, with big banks reporting next week. Analysts expect earnings growth of 65.4% for companies in the S&P 500 index in the second quarter, up from a previous forecast of 54% growth at the start of the quarter, according to IBES data from Refinitiv. At 6:45 a.m. ET, Dow e-minis were up 202 points, or 0.59%, S&P 500 e-minis were up 13.75 points, or 0.32%. Nasdaq 100 e-minis were down 22.75 points, or 0.15%, with mega-cap technology stocks Google owner-Alphabet Inc , Facebook Inc, Apple Inc, Microsoft Corp and Amazon.com slipping between 0.1% and 0.3%. Levi Strauss & Co gained 3.3% as it forecast a strong full-year profit after beating quarterly earnings estimates on improving demand across its markets for jeans, tops, and jackets. U.S.-listed shares of Chinese ride hailing company Didi Global Inc rose 4.5%, for the first time in five days as it was recently hit by an investigation from China’s internet watchdog. Reporting by Devik Jain and Shreyashi Sanyal in Bengaluru; Editing by Arun Koyyur Our Standards: The Thomson Reuters Trust Principles.

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