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Futures edge lower ahead of earnings, inflation worries persist By Reuters

by Mike Robinson

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© Reuters. FILEPHOTO: New York Stock Exchange traders work in New York City’s Manhattan borough shortly after the opening call of the trading session. It took place on January 7, 2016. REUTERS/Brendan McDermid

By Devik Jain

(Reuters) – U.S. stock futures fell on Monday as technology shares led the decline, before a series of earnings reports. However, concerns over rising inflation were fueled by a steady rise in crude oil prices.

Facebook Inc (NASDAQ:), Google-parent Alphabet (NASDAQ:), Microsoft Corp (NASDAQ:), Amazon.com Inc. (NASDAQ:). Intel Corp (NASDAQ 🙂 and Advanced Micro Devices NASDAQ 🙂 Inc slipped between 0.1% e 0.7%.

Walt Disney (NYSE:) dropped 1.6% following Barclays (LON) lowered the stock of media company to “equal weight”, from “overweight”.

Johnson & Johnson (NYSE:), insurer Travelers (NYSE:), Netflix Inc (NASDAQ:), Verizon Communications (NYSE)), Baker Hughes Co. (NYSE)), Schlumberger NV (NYSE) Inc, Intel Corp. These are just a few of the companies scheduled to release their quarter-end results.

According to Refinitiv’s IBES data, analysts expect earnings to rise by 32% compared to a year ago. This is despite forecast-beating performance from major U.S. lenders.

Shares of JPMorgan Chase & Co (NYSE:), Bank of America (NYSE:), Citigroup (NYSE:) Wells Fargo (NYSE:), Goldman Sachs(NYSE:) Morgan Stanley (NYSE: ) was traded in mixed trades before the bell rang.

In the coming weeks, investors will be watching to see how Corporate America reduces earnings due to supply chain disruptions. Labor shortages. And higher costs. This is especially important in light of rising oil prices.

Oil companies, Exxon Mobil (NYSE: Chevron Corp (NYSE) saw a 0.8% increase and 0.6% respectively as it reached its highest level since Oct 2018. [O/R]

Globally, the mood was also affected by weaker than expected growth in China’s economy and rising anxiety about its property sector. [MKTS/GLOB]

At 6:43 AM. ET were down by 91 points or 0.2%, 14 points or 0.31% and 63.25 point, or 0.4%, respectively.

U.S. stocks rose Friday after the Commerce Department reported that retail sales unexpectedly rose in September.

The week’s data will focus on existing sales and housing starts.

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