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US Futures Seen higher; Dow Futures Up 230 By Investing.com

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By Peter Nurse

Investing.com – US stocks will open higher on Monday, with investors optimistic about corporate earnings and financial data, despite the continued slow growth in coronavirus cases.

At 7:05 AM ET (1105 GMT), 25 points, or 0.8%, higher, traded up 99 points, or 0.9%. The contract rose by 230 points, or 0.9%. These cash indices are currently on a two-week gain.

The US stock markets have had strong gains since the depth of March, helped by better financial data than expected and extraordinary tax and monetary support from the US authorities.

With this in mind, confidence surrounds the upcoming revenue season, despite the fact that the index is expected to report earnings in the second quarter of approximately 45% below the figures for the same quarter last year.

Goldman Sachs (NYSE 🙂 has become a little more optimistic about earnings prospects this year, raising its base forecast for S&P 500 earnings per share in 2020 to $ 1

15, up from a previous estimate of $ 110.

That said, “given the increased investor focus on the 2021 and 2022 earnings outlook, we expect management comments to be more valuable than retrospective results,” Goldman strategists wrote in a note Friday.

That optimism persists despite the Covid-19 virus continuing to claim victims – the state of Florida registered over 15,000 new cases on Sunday, more than the severely hit New York state, when the peak of its crisis in April.

The United States has reported more than 60,000 new cases daily for three consecutive days now, bringing the national total to more than 3 million cases, according to data from Johns Hopkins University.

JPMorgan (NYSE :), Citigroup (NYSE 🙂 as well Wells Fargo (NYSE 🙂 will all be reporting on Tuesday Pepsico (NASDAQ 🙂 got the ball rolling Monday. Pepsico declined to provide a financial outlook for the year, but its declaration of shareholder payouts helped lift the share by 2.1% in trading with the premarket.

On Wednesday, Goldman reports Sachs (NYSE 🙂 and Bank of New York (NYSE :), while Thursday has Netflix (NASDAQ 🙂 and Morgan Stanley (NYSE :).

Economic data is thin on the ground Monday, but US figures for June are projected on Tuesday, while a key metric for consumption is released on Thursday.

Oil prices have fallen lower Monday ahead of a meeting with OPEC’s technical staff on Tuesday and Wednesday, which is expected to recommend staying on the timeline to restore supply to the world market as demand recovers.

The group, known as OPEC + and mainly made up of the Organization of Oil Exporting Countries and Russia, will restore 2 million of the 9.7 million barrels retained from the end of July.

“If the group decides to facilitate the cuts from August 1, this should not lead to a change in market view, with most people assuming that OPEC + would begin to reduce the cuts already at this stage. But to continue deeper cuts would be more of a surprise, says an analyst at ING in a research report.

At 7:10 AM ET, futures traded 1.7% lower to $ 39.88 a barrel, while the international reference contract fell 1.6% to $ 42.56.

Elsewhere, 0.7% rose to $ 1,813.95 / oz, which is the fifth straight week gain. was trading at 1.1337, an increase of 0.4%.

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