U.S. stock-index futures were modestly higher on Monday, pointing to a bounce for Wall Street after last week’s pullback.
What are the main benchmarks doing?
Dow Jones Industrial Average futures YMU8, +0.26% tacked on 84 points, or 0.3%, to 26,043, while S&P 500 futures ESU8, +0.29% gained 10.30 points, or 0.4%, to 2,885. Nasdaq-100 futures NQU8, +0.44% advanced by 39.75 points, or 0.5%, to 7,478.25.
On Friday, the Dow DJIA, -0.31% S&P 500 SPX, -0.22% and Nasdaq Composite COMP, -0.25% finished lower for the session and notched weekly losses, with the S&P and Nasdaq shedding 1% and 2.6%, respectively. Last week was the S&P’s first negative week of the past four, and it represented the biggest weekly percentage drop since June. The Nasdaq suffered its biggest weekly drop since March.
The three gauges are showing year-to-date gains ranging from 4.8% to 14%.
What’s driving markets?
Trade tensions between the U.S. and its partners have put pressure on global markets in recent months, though for American equities that has been offset by strong readings on the U.S. economy.
A concern as the week kicks off is President Donald Trump’s tweet over the weekend urgingApple Inc. AAPL, +0.27% to shift production out of China to the U.S.
What are strategists saying?
“U.S. markets look set for a modest rebound on the open after last week’s selloff, despite the ratcheting up of trade tensions by President Trump over the weekend,” said Michael Hewson, chief market analyst, at CMC Markets UK in a note.
Which stocks are in focus?
Shares in Apple were up 0.3% in premarket trading in the wake of Trump’s comments.
Tesla Inc. shares TSLA, +3.47% rose 3% premarket after CEO Elon Musk announced a management shake-up late Friday. That move came after the car maker’s stock slumped in Friday’s session as more executives departed and Musk appeared to smoke marijuana during an interview.
Science Applications International Corp. SAIC, -0.01% on Monday said it would buy Engility Holdings Inc. EGL, -0.25% in a stock deal valued at $2.5 billion, including the repayment of $900 million in debt.
United Rentals Inc. URI, -0.99% said it would buy BlueLine Rental in a cash deal valued at $2.1 billion.
Snap Inc. SNAP, -1.31% fell 2% in premarket trading after the company said its chief strategy officer would be the latest executive to leave the company.
Shares in Alibaba Group Holding Ltd. BABA, -1.68% fell 1.5% in premarket action following news that tycoon Jack Ma plans to step down as executive chairman of the Chinese e-commerce giant in a year.
CBS Corp.’s stock CBS, +1.86% is likely to be in focus after Les Moonves, the longtime chairman and CEO, resigned Sunday following new sexual misconduct allegations against him from six additional women.
Shares in Hovnanian Enterprises Inc. HOV, +0.65% are likely to see active trading as the home builder is among the companies expected to post earnings before the open.
Which economic reports are getting attention?
Boston Federal Reserve President Eric Rosengren said, in an interview with MarketWatch, that he doesn’t read much about the danger of a possible recession from the shape of the yield curve,. He also said financial risks now are coming from smaller banks.
Atlanta Fed President Raphael Bostic is also slated to make remarks, speaking at an event in Georgia at noon Eastern Time.
An August survey of consumer expectations is slated to hit at 11 a.m. Eastern, and a July reading on consumer credit is expected at 3 p.m. Eastern.
What are other markets doing?
Stocks in Asia fell after Trump’s comment on Apple’s production, which put some pressure on Asian tech stocks. European stocks were modestly higher.
Treasury prices held their ground, keeping yields steady, as traders watched for U.S. tariffs on Chinese imports that could arrive this week.
Oil futures ticked higher, buoyed by continued concerns over the impact of renewed sanctions on Iran and signs of a pickup in crude demand from China.
