U.S. stock futures were muted Monday morning as investors await corporate earnings reports ahead of a packed week that includes the latest inflation report and significant movement on the looming debt ceiling debate.
Futures tied to the S&P 500 (^GSPC) rose 0.20%, while futures on the Dow Jones Industrial Average (^DJI) added 75 points, or 0.22%. Contracts on the technology-heavy Nasdaq Composite (^IXIC) were up 0.03%.
Regional banks stocks continued Friday’s rally in pre-market trading. PacWest Bancorp (PACW) stock soared more than 30% after the bank cut its quarterly dividend and CEO Paul Taylor reiterated the bank is “sound.”
The KBW regional banking index (KRX) looked to build on gains of nearly 5% Friday. Despite the early morning boost, PacWest shares are still set to open about 30% lower than a week ago.
Stocks continued to react to Berkshire Hathaway’s annual shareholder meeting held over the weekend in Omaha, Nebraska. Berkshire stock (BRK-A, BRK-B) ticked higher by more than 1% while Occidental Petroleum (OXY) shares traded lower after Warren Buffett said Berkshire won’t be buying a controlling stake in the Houston-based oil company.
Shares of Tyson Foods (TSN) sank more than 7% pre-market as the company cut its annual sales outlook range by $2 billion and missed Wall Street estimates for earnings per share and revenue in the first quarter.
Elsewhere in corporate earnings, Dish Networks (DISH) fell more than 4% on softer-than-expected quarterly earnings. Six Flags (SIX) stock rose more than 8% as the theme-park operator saw fewer guests than last year but higher-than-expected revenue and increased spend per customer.
In commodities, oil futures popped on Monday morning. West Texas Intermediate (CL=F) and Brent (BZ=F) were up more than 2%. Brent Crude prices sat at nearly $77 a barrel.
Markets await further economic news this week as wholesalers inventories are expected on Monday prior to Wednesday’s highly anticipated inflation report.
Josh is a reporter for Yahoo Finance.
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Source: https://finance.yahoo.com/news/stock-market-news-today-live-updates-may-8-115018101.html