S&P 500 Index – US STOCKS-Futures dip as focus turns to retail earnings
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* Futures down: Dow 0.36%, S&P 0.34%, Nasdaq 0.38%
By Medha Singh
May 17 (Reuters) – U.S. stock index futures slipped on Monday after the S&P 500 logged its biggest one-day jump in more than a month in the prior session, with investors shifting their focus to retail earnings this week for clues on the strength of consumer spending.
Shares of Discovery Inc jumped 12.5% in premarket trading after news reports said U.S. telecoms giant AT&T Inc is nearing a deal to combine its media assets, including Fintech Zoom and HBO, with the company. AT&T shares gained 3.1%.
Wall Street’s main indexes rebounded on Thursday and Friday as investors picked up beaten-down stocks following a pullback earlier in the week on concerns around inflation and a possible tightening by the U.S. Federal Reserve.
Earnings this week will be scrutinized for clues on whether rising prices had any impact on consumer demand and if retailers could sustain their strong earnings momentum.
In a relatively quiet week for economic data, minutes from the Fed’s policy meeting on Wednesday could shed more light on the policymakers’ outlook of the economic rebound last month.
At 6:25 a.m. ET, Dow e-minis were down 125 points, or 0.36%, S&P 500 e-minis were down 14.25 points, or 0.34%, and Nasdaq 100 e-minis were down 50.75 points, or 0.38%.
With the earnings season at its tail-end, overall earnings for S&P 500 companies are expected to have climbed 50.6% from a year ago, according to Refinitiv IBES, the strongest pace of growth in 11 years. (Reporting by Medha Singh in Bengaluru; Editing by Saumyadeb Chakrabarty)