RTTNews - Following a strong outing last week, stocks are poised to kick off trading on a positive note Monday, as traders are digesting fresh earnings figures while awaiting data on leading economic indicators for June. The major index futures are all in positive territory, with the Dow futures up by 38 points.
Earlier this morning, some trader concern regarding the bankruptcy of CIT Group (CIT) was cooled as the lending giant secured $3 billion in financing from some of its largest bondholders.
In earnings news, oilfield service provider Halliburton Co. (HAL) reported second quarter net income of $0.29 per share, down from $0.55 per share in the same period last year. The results surpassed the Wall Street forecast of $0.27 per share.
M&T Bank Corp. (MTB) reported second-quarter net income of $0.36 per share, compared to $1.44 per share in the same quarter of last year. The earnings fell short of analyst expectations, which called for earnings of $0.48 per share.
Meanwhile, Texas Instruments (TXN), Boston Scientific Corporation (BSX), and Legg Mason (LM) will report their quarterly results after the markets close.
On the economic front, the Conference Board is scheduled to release a report on U.S. leading economic indicators for June at 10 a.m. ET on Monday. The consensus estimate calls for a 0.5 percent increase in the leading indicators index for the month.
Elsewhere, Atlanta Federal Reserve Bank President Dennis Lockhart is due to deliver a speech on the economic outlook to the Rotary Club of Nashville at 1:30 p.m. ET.
Following a choppy trading session, stocks were able to eke out mild gains on Friday, as earnings reports and housing data saw limited reaction. The Dow finished up by 32.12 points at 8,744, the Nasdaq rose by 1.58 points to 1,887, while the S&P 500 slipped by 0.36 points to 940.
For the week the, Dow advanced by 7.3 percent, the Nasdaq gained 7.4 percent and the S&P 500 climbed by 7 percent.
Crude oil futures are rising in early commodities trading, climbing by $1.13 to $65.71 a barrel after advancing by $1.52 to $64.58 per barrel in the previous session. Meanwhile, the price of gold is soaring, jumping by $16.50 to $954.00 an ounce.
On the currency front, the U.S. dollar is retreating against the major European currencies, slipping to $1.4225 against the euro while dropping to $1.6540 versus the pound. Against the yen, the buck is moving higher and is now valued at 94.55 yen.
In overseas trading, stock markets across the Asia-Pacific region closed on the upside Monday, with Hong Kong's Hang Seng Index surging up by 3.7 percent while South Korea's benchmark KOSPI Index posted a gain of 2.7 percent.
The major European markets are also moving higher, with the German DAX Index and the French CAC 40 Index advancing by 1.3 percent and 1.5 percent, respectively. The U.K.'s FTSE 100 Index is posting a gain of 1.4 percent.
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