Azernews.Az

By Bloomberg

U.S. stock-index futures were little changed, following a two-day drop for equities, as investors awaited earnings from companies including Kellogg Co., Walt Disney Co. and Aetna Inc.

S&P’s 500 E-mini contracts expiring in September were unchanged at 2,091 at 10:05 a.m. in London. U.S. stocks declined yesterday, with commodity producers sinking and Apple Inc. entering a correction. Dow Jones Industrial Average futures lost 4 points to 17,507 today.

“Investors are just trying to navigate through the earnings season now, and waiting to see if economic data can help the Fed decide on when to make its first move,” said Heinz-Gerd Sonnenschein, a strategist at Deutsche Postbank AG, in Bonn, Germany. “The market lacks direction. U.S. profits have been a bit underwhelming so far. Some companies are beating forecasts but the bar was set pretty low.”

The S&P 500 rose 2 percent in July, the best monthly gain since February, as earnings from Amazon.com Inc. and Google Inc. countered declines by energy and mining stocks.

Some 31 S&P 500-listed companies are scheduled to release financial results today. Almost three-quarters of S&P 500 members have reported earnings this season, with 74 percent beating profit estimates and about half of them exceeding sales projections.

Analysts now forecast a 2.8 percent drop in second-quarter earnings, shallower than calls for a 6.4 percent fall about three weeks ago.

Investors will also watch data today on American factories at 10 a.m. New York time. Economists project orders increased by 1.8 percent in June, rebounding from two months of declines. Reports on employment and the services industries are also due later this week.

A U.S.-listed exchange-traded fund tracking Greek equities slipped 0.8 percent. The Global X FTSE Greece 20 ETF dropped 2.7 percent yesterday as financial markets there reopened after a five-week suspension.

American depositary receipts of National Bank of Greece SA slumped 11 percent in early New York trading.

Among stocks moving on corporate news, Sprint Corp. fell 2.7 percent in early New York trading after naming Tarek Robbiati as new chief financial officer in in a management shake-up.

Avis Budget Group Inc. fell 3 percent in late trading after trimming the top end of its profit forecast.

Alcoa Inc. rose 1.5 percent after shares of the aluminum producer closed near their lowest price since 2013.