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Earnings, oil in focus for traders on Wall Street

U.S. stock index futures pointed to a slightly higher open on Monday, as investors turned their attention to corporate earnings results.

Traders work on the floor of the New York Stock Exchange on June 8, 2017 in New York.
Bryan R. Smith | AFP | Getty Images
Traders work on the floor of the New York Stock Exchange on June 8, 2017 in New York.

Dow futures rose 11 points, while S&P and Nasdaq futures advanced 1.75 and 10.25 points, respectively.

BlackRock reported weaker-than-expected results, but said its exchange-traded fund business saw record inflows. Netflix is expected to report after the bell.

Investors will also be looking out for the Empire State Manufacturing survey, slated to come out at 8.30 a.m. ET.

Last Friday, data revealed that consumer prices remained unchanged in June and retail sales fell for the second straight month. The economic news is likely to dampen expectations of strong economic growth in the second quarter; with investors wondering what this may mean for rate hike strategy by the Federal Reserve going forward.

Meanwhile, oil futures were fluctuating between gains and losses in morning trade, initially boosted by signs that growth of rigs looking for crude in the U.S. was slowing down. At 7:43 a.m. ET on Monday, U.S. crude was trading around $46.55, while Brent hovered around $48.99.

In the political sphere, investors will be keeping an eye out for any more noise coming out of the White House, as the Russia-linked scandal continues to cause reverberations in markets.

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Over the weekend, Senate Majority Leader Mitch McConnell announced that the U.S. Senate would postpone its consideration of legislation concerning health care, as Senator John McCain recovers from surgery, the Associated Press reported.

In Europe, bourses were under pressure during early trade, while Asia-Pacific markets finished trade on a relatively mixed note. Meanwhile on Friday, U.S. stocks rose to record levels as earnings season kicked off.

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