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US stocks eye earnings, gold and Greece

U.S. stocks were expected to open a tad higher on Monday, with focus on a slew of second-quarter earnings reports and Greece, where banks re-opened three weeks after closing to save the financial system from collapse.

With no major economic data on the calendar this session, earnings were expected to fall under the spotlight with Morgan Stanley, IBM, Hasbro, Halliburton, Crown Holdings and BBCN Bancorp among the firms reporting earnings.

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A slump in gold prices to five-year lows was also in focus amid speculative selling, while in Greece the reopening of banks raised hopes of a return to stability after a deal to start talks on a new bailout package for the strapped-cash euro zone member.

A person walks by Morgan Stanley's New York headquarters.
Getty Images
A person walks by Morgan Stanley's New York headquarters.

"The focus will be on a busy week for U.S. corporate earnings, while markets indulge in some introspection, and the overarching themes of Greece and China continue to cast their shadow," Marc Ostwald, a strategist at ADM Investor Services International, said in a note.

In addition to Monday's earnings deluge the week ahead will see a spat of reports from major companies such as Apple, Microsoft, Coca-Cola, Boeing and General Motors.

In other news, PayPal begins trading as its own publicly traded company today following separation from eBay.

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Strong earnings boosted the tech-heavy Nasdaq Composite to a record high on Friday, with stock futures pointing to a modestly positive open for Wall Street this session.

Dow Jones index futures about 20 to 30 points higher in morning trade.

European stocks edged higher, while Asian shares saw a mixed session with Japan's stock market closed for a holiday.

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The dollar index, which measures the dollar's value against other major currencies, was hovering around 97.76 – holding near highs last seen in April on Friday.