U.S. index futures little changed before JPMorgan, J&J earnings
By Bloomberg
U.S. stock-index futures were little changed, after equities capped their biggest three-day rally of 2015, as investors awaited earnings reports from companies including Johnson & Johnson and JPMorgan Chase & Co.
Standard & Poor’s 500 Index E-mini contracts expiring in September slipped 0.1 percent to 2,092 at 10:04 a.m. in London. The underlying measure jumped 2.6 percent in the past three days as the Greek crisis neared a resolution.
Contracts on the Dow Jones Industrial Average lost 14 points, or 0.1 percent, to 17,886 today.
Greece’s financial crisis and turmoil in China’s equity market have diverted attention from corporate profits, U.S. economic data and the path of the Federal Reserve’s monetary policy. Officials in June forecast the central bank would raise rates twice this year, signaling that September is the most likely month for liftoff.
Investors are weighing U.S. economic reports for clues on the pace of any Fed rate hike. Data at 8:30 a.m. in Washington is projected to show retail sales climbed at a slower pace last month. Other releases this week include industrial production, housing starts and consumer sentiment. Fed Chair Janet Yellen testifies to Congress tomorrow.
Quarterly earnings will also move more into focus as concerns about Greece wane. Wells Fargo & Co. also reports today, while Goldman Sachs Group Inc., Intel Corp., and Google Inc. are among S&P 500 firms posting results this week. Analysts project earnings for companies on the equity benchmark dropped 6.4 percent in the second quarter.
Among stocks moving on corporate news, Micron Technology Inc. soared 8.7 percent in early New York trading after a person familiar with the matter said China’s Tsinghua Unigroup Ltd. plans to offer $23 billion for the chipmaker.
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