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TEHRAN, August 6 -U.S. stock futures were marginally higher on Monday as strong corporate earnings countered worries about escalating trade tensions between the United States and China.
TEHRAN, Young Journalists Club (YJC) -U.S. stock futures were marginally higher on Monday as strong corporate earnings countered worries about escalating trade tensions between the United States and China.
China, last week, proposed a set of differentiated tariffs on $60 billion worth of U.S. imports, retaliating to the Trump administration’s plans of 25 percent tariffs on $200 billion worth of Chinese imports.
The months-long dispute has roiled financial markets across the globe, but strong U.S. earnings have helped allay some of the concerns.
Over 400 S&P 500 companies have reported so far, and 78.6 percent have topped earnings estimates. That is well above the average of 72 percent in the past four quarters.
The S&P 500 .SPX ended up 0.8 percent last week, closing a five-week run of gains, its first such winning streak this year.
“If the first four weeks of earnings season are any indication, we should see the tide continue to rise, though headline risk associated with trade and tariffs continue to play a pivotal role in keeping any significant move to the upside well contained,” Peter Kenney, founder of Strategic Board Solutions LLC in New York, wrote in a morning note.
With just 44 companies set to report this week and the calendar light on economic data, investors will likely focus on trade issues.
The S&P 500 e-minis ESc1 were up 2.5 points by 7:11 a.m. ET. The Dow e-minis 1YMc1 were up 33 points and the Nasdaq 100 e-minis NQc1 were up 12.75 points.
Source: Reuters
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