Futures Gain Amid Earnings; CAT Ticks Higher
U.S. stock index futures were in positive territory Monday, with major averages looking to rebound from their worst week in 2013, amid a batch of corporate earnings results.
Among earnings, Caterpillar posted earnings and revenue that missed Wall Street expectations and cut its full-year outlook for 2013 to reflect a drop in demand for heavy equipment from its mining customers. Still, the Dow component edged slightly higher in pre-market trading,
(Read More: Earnings Results Flashing Warning Sign for Stocks)
Halliburton rallied after the oilfield services company beat earnings expectations thanks to increased international business that helped trump weakness in the North American market.
As of Friday, a fifth of the S&P 500 had reported, and two-thirds had better-than-expected earnings. However, an unusually high amount — 57 percent — missed their top-line revenue estimates, according to Reuters.
Monday will be a quiet day for macroeconomic releases, with the most significant being the National Association of Realtors's existing home sales data, at 10 a.m. New York time. Analysts polled by Reuters forecast 4.83 million sales for March, down from 4.98 million in February.
Across the Atlantic, shares in Europe traded higher after Italy's President Giorgio Napolitano was elected for a second term over the weekend. Napolitano is expected to work to end the political impasse which has gripped the country since February's inconclusive national elections.
(Read More: For Italy, Maybe Some Order From All the Chaos)
In Asia, the Nikkei 225 closed at its highest level in almost five years, after leaders at last weekend's G-20 meeting refrained from criticizing Japan's aggressive monetary stimulus policies and currency depreciation plan. The yen weakened further against the dollar on Monday.
In other stock news, Boeing has started installing reinforced lithium ion batteries on five grounded 787 jets, in the hope that the first commercial Dreamliners will be ready to fly again in a week's time.
(Read More: Boeing Begins Fixing Dreamliners, Starts with ANA)
Meanwhile, General Motors will add four new plants in China,the head of GM China said at the Shanghai auto show on Saturday.
—By CNBC's JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)
Coming Up This Week:
MONDAY: Existing home sales; Earnings from Netflix, STMicro, Texas Instruments, Zions Bancorp
TUESDAY: PMI manufacturing index, FHFA home price index, new home sales, Richmond Fed mfg index, 2-yr note auction, Wells Fargo annual mtg, PNC annual mtg; Earnings from DuPont, Travelers, United Tech, Delta Airlines, Discover Financial, Amgen, Apple, AT&T, Broadcom, Cree, Panera Bread, Yum Brands
WEDNESDAY: MBA mortgage applications, durable goods orders, oil inventories, 5-yr note auction, AB InBev shareholder mtg, Caesar Entertainment shareholder mtg, Citi shareholder mtg, Coca-Cola shareholder mtg, DuPont shareholder mtg, GE shareholder mtg; Earnings from Barclays, Boeing, Credit Suisse, Ford, Eli Lilly, GlaxoSmithKline, P&G, Sprint Nextel, Qualcomm, Aflac, Akamai, Cabot Oil & Gas, Zynga
THURSDAY: Jobless claims, natural gas inventories, 7-yr note auction, Fed balance sheet/money supply, Barclays annual mtg, Herbalife shareholder mtg, Intuitive Surgical annual mtg, J&J shareholder mtg, NYSE Euronext shareholder mtg, Pfizer shareholder mtg; Earnings from Altria, AstraZeneca, Bristol-Myers, ConocoPhillips, ExxonMobil, 3M, UPS, Altera, Baidu, Expedia, Starbucks, Coinstar
FRIDAY: GDP, consumer sentiment, AT&T shareholder mtg; Earnings from Chevron, Honda, DR Horton
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