RTTNews - Following a mixed session to close out the previous week, stocks are looking to open modestly higher on Monday, with traders exercising cautious optimism as earnings season gets underway. The major index futures are currently all in positive territory, although only by mild margins, with the Dow futures up by 12 points.
In earnings news, wholesaler of industrial and construction supplies, Fastenal (FAST) reported second quarter earnings that fell to $0.29 per share from $0.51 per share in the year-ago quarter, coming in below analyst estimates of $0.33 per share.
Ahead of the results, Fastenal announced Friday that the board of directors authorized the repurchase of 2 million shares in the market.
Rail-based transportation provider CSX Corp. (CSX) is scheduled to report second quarter results after the closing bell. Analysts expect the company to report earnings of $0.69 per share for the quarter.
Advanced process equipment provider Novellus Systems (NVLS) will also be reporting results for the second quarter after the market closes today. The semiconductor equipment maker is expected to slip to a loss of $0.38 per share compared to a profit of $0.06 in the year-ago quarter.
Meanwhile, aluminum die-cast auto parts maker J. L. French Automotive Castings, whose major customers include General Motors and Ford (F), announced that it is filing for bankruptcy protection under Chapter 11 with the District Court of Delaware.
Commercial lender, CIT Group (CIT) revealed that it is in discussions with regulators seeking assistance to improve its liquidity measures in the near term. The firm reportedly hired a law firm to explore a possible bankruptcy filing.
The Treasury Department's Treasury Budget for June is the lone economic report that is scheduled to be released today, with economists expecting a deficit of $77.5 million. The data is on tap for 2 p.m. ET.
After a slow start, stocks saw choppy movement over the course of Friday's session and finished on a mixed note. The tech-heavy Nasdaq was able to finish higher by 3 points at 1,756, while the Dow fell by 37 points to 8,147 and the S&P 500 dipped by 4 points to 879.
For the week the, Dow fell by 1.6 percent, the Nasdaq slipped 2.3 percent and the S&P 500 dropped by 1.9 percent.
Crude oil futures are inching higher in early commodities trading, rising by $0.04 to $59.93 a barrel after dropping by 10 percent last week. The price of gold is also climbing, moving up by $0.40 to $912.90 an ounce.
On the currency front, the U.S. dollar is mixed against the major European currencies, moving down to $1.3978 against the euro while climbing to $1.6113 versus the pound. Meanwhile, the dollar is lingering near its worst levels against the yen in nearly five months, trading at 92.37 yen.
In overseas trading, stock markets across the Asia-Pacific region ended Monday's session firmly on the downside, with Japan's benchmark Nikkei 225 Index and Hong Kong's Hang Seng Index both falling by 2.6 percent.
Meanwhile, the major European markets are on the rise, with the German DAX Index and the French CAC 40 Index both advancing by 1 percent. The U.K.'s FTSE 100 Index is also moving higher, rising by 0.7 percent.
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