US pre-open: Futures mixed ahead of Q2 earnings tomorrow
Wall Street futures were pointing to a mixed open ahead of the bell on Monday after seeing out last week at a fresh record high.
As of 1225 BST, Dow Jones futures were down 0.45%, while S&P 500 futures were 0.24% weaker and Nasdaq-100 futures had the index opening 0.20% stronger.
The Dow closed 448.23 points higher on Friday as all three major indices closed at new highs despite worries around a potential slowdown in US economic growth earlier in the week.
In focus on Monday, reopening plays like Boeing and Carnival Corp were in the red ahead of the bell, while big tech stocks like Tesla, Facebook and Apple were in the green, as was Virgin Galactic after founder Richard Branson made history by making his way into space aboard the company's VSS Unity spacecraft.
Investors also had a keen eye on the yield on the benchmark 10-year Treasury note, slipping two basis points to roughly 1.33%.
While no major corporate earnings were slated for release on Monday, the second-quarter earnings season will kick off tomorrow, with analysts expecting strong earnings reports from JPMorgan Chase and Bank of America throughout the week.
AvaTrade's Naeem Aslam said: "Stock futures are trading lower as investors are concerned about the surge in delta variant and also there is hesitation of placing any bigger bets ahead of the earnings seasons. Overall, it is safe to say that investors and traders have been taking every sell off as an opportunity to load more risk in their portfolio.
"Investors and traders are hoping to see some strong numbers out of US corporates this week especially from the US banks given that the issue of stress test is behind them. Traders are expecting the S&P 500 companies to grow by nearly 65% for the second quarter on a year-over-year basis, bouncing back from the slump caused by the onset of the coronavirus pandemic. The projected surge in growth would be the highest witnessed since the fourth quarter of 2009. Investors should keep in mind that, while economic growth is expected to slow in the coming months, profits in S& P500 companies are still expected to grow by double digits in the next two quarters, giving them reason to be optimistic about the future outlook of stock markets."
On the macro front, June consumer inflation expectations will be published at 1600 BST.