By Anora Mahmudova and Barbara Kollmeyer, MarketWatch
Earnings from big banks in focus
NEW YORK (MarketWatch) -- Wall Street was set to start the week
on wobbly footing, with stock futures easing back on Monday as
investors sized up disastrous Chinese trade data and readied for a
big week that includes financial-sector earnings.
Futures for the Dow industrials (YMM5) fell 37 points to 17,936,
while those for the S&P 500 (ESM5) fell 5 points to 2,090.
Futures for the Nasdaq-100 index (NQM5) fell 1.25 points to
4,413.50.
U.S. stocks finished higher on Friday
(http://www.marketwatch.com/story/us-stocks-futures-ease-with-lacker-speech-apple-watch-in-focus-2015-04-10),
with main indexes managing their second straight weekly gain. A
surge in shares of General Electric Co. (GE) drove the Dow Jones
Industrial Average above 18,000 for the first time in almost three
weeks. Stock markets in Europe and Asia also rallied on Friday.
On Monday, Asia stocks shrugged off data that showed exports in
China falling
(http://www.marketwatch.com/story/china-trade-slumps-on-weak-demand-2015-04-12-234854516)
by the most since February of last year, a 15% drop. The Hong Kong
Hang Seng Index and the Shanghai Composite Index hit new seven-year
highs, though some believe the stock surge may end in tears
(http://www.marketwatch.com/story/chinas-stock-connect-more-boom-and-bust-2015-04-12).
But that weak China data have spurred expectations that another
devaluation out of Beijing could be coming, said Nour Al-Hammoury,
chief market strategist at ADS Securities in Abu Dhabi, in a
note.
He said volatility will be on the rise for stocks and many will
be watching how the market handles continued gains for the dollar
(http://www.marketwatch.com/story/dollars-rising-trend-remains-intact-amid-weak-china-data-2015-04-13-2103105)(DXY),
which also got a boost from the China data.
Also read: 'Stock Connect' buyers stay out of Hong Kong blue
chips ()
Europe stocks (http://www.marketwatch.com/storyno-meta-for-guid)
were marginally higher, though the FTSE 100 index
(http://www.marketwatch.com/story/ftse-100-eases-from-record-with-bhp-hurt-after-downgrade-2015-04-13)
eased back as miners got hit by a downgrade of the iron-ore sector,
and weak China data weighed.
The only item on the U.S. data calendar is the Federal budget
for March, due at 2 p.m. Eastern Time.
Earnings lining up for stocks: Earnings season shifts into high
gear this wek with J.P. Morgan Chase & Co.(JPM) due to report,
along with Wells Fargo & Co.(WFC) and Johnson &
Johnson(JNJ) Tuesday morning before the market opens. The rest of
the week will see other big banks roll out.
Read: B. of A. results crucial to financial sector earnings
gains
(http://www.marketwatch.com/story/b-of-a-results-crucial-to-financial-sector-earnings-gains-2015-04-12)
Pep Boys--Manny Moe and Jack(PBY) will report after trading
closes on Monday, along with Layne Christensen Co.(LAYN)
Shares of Qualcomm Inc.(QCOM) jumped 5% premarket after The Wall
Street Journal
(http://www.marketwatch.com/story/activist-buys-big-stake-in-qualcomm-2015-04-13-04852655)
reported that activist investor Jana Partners LLC is pressuring the
chip maker to consider a breakup and other options to boost its
weak share price.
Shares of Builders FirstSource, Inc(BLDR) jumped 52% after the
company announced plans to buy ProBuild.
Other markets:Crude-oil prices
(http://www.marketwatch.com/storyno-meta-for-guid)(CLK5) pushed
higher on Monday, while gold (GCK5) pulled back as the dollar
rose.
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