US Futures Climb as Focus Shifts Back to Earnings, Oil Slides

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Or sign-in if you have an account.fjfirlb(lhtlvk5wlnau]k3w_media_dl_1.png Bloomberg(Bloomberg) — US stock futures rose into the first trading day of the month as attention turned to this week’s heavy slate of earnings reports. 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US stocks had closed out the month on Friday with a gain, as Amazon.com Inc.’s 15% rally after stellar results lifted a broad sweep of companies benefiting from demand for artificial intelligence. Slumping oil prices also contributed to positive sentiment on Monday. West Texas Intermediate crude fell 6.2% to trade around $79 after President Donald Trump called off a planned attack on Iran, and Iran indicated talks to get more ships moving through the Strait of Hormuz were making progress.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try again“Earnings will remain the primary focus, with roughly 15% of the S&P 500 by market capitalization scheduled to report,” Matt Orton, Raymond James Investment Management Chief Market Strategist, said. He flagged energy, healthcare, utilities and industrials as sectors to watch, as they’ve “benefited from the recent rotation.” Their “results will help determine whether that relative strength is fundamentally sustainable,” he said. Results from data-mining software developer Palantir Technologies Inc. are due after the close. The company is expected to post a 143% rise in net income for the second quarter on an 80% leap in revenue. Shares, down more than 40% since hitting a peak in November, were up 2.7% before market open.Of the 307 S&P 500 companies that had reported so far this season through the close on Friday, 86% had beaten analysts’ forecasts for EPS. On sales, 68% of companies had positively surprised, while 15% had missed.SpaceX’s inaugural report as a public company is due on Tuesday. SpaceX has also set the stage for one of the largest share unlocks in capital markets history, with as much as $116 billion worth of stock becoming eligible for sale for the first time next month. Shares were down 2% before market open.In other AI news, Alibaba Group Holding Ltd. ADRs rallied 4.1% after the compny released its biggest-ever AI model, claiming performance on par with global leader Anthropic PBC in the latest Chinese challenge to US rivals.Healthcare, on news AstraZeneca Plc was said to have explored buying Bristol-Myers Squibb Co. in a megadeal that would rank as the largest ever in pharma. KKR has agreed to buy US medical device company Integer Holdings Corp. in an all-cash deal valued at about $5.7 billion.Lodging, with Marriott International Inc. sliding 4.3% after third-quarter guidance missed and it saw annual net room growth at the low end of its previous view.Consumer staples, with results from Tyson Foods Inc.—With assistance from Neil Campling and Janet Freund.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.