Traders Eye Start to Q3 Earnings Season as US Equity Futures Drop Pre-Bell

MT Newswires Live10-07

US equity futures fell ahead of Monday's opening bell as the Q3 earnings season gets underway.

The Dow Jones Industrial Average futures fell 0.4%, S&P 500 futures dropped 0.4% and Nasdaq futures were down 0.5%.

Pepsico (PEP) is scheduled to report earnings on Tuesday before banking majors JPMorgan (JPM) and Wells Fargo (WFC) formally kick off the earnings season on Friday.

Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1% at $78.84 per barrel and US West Texas Intermediate crude up 1.1% at $75.22 per barrel.

Consumer credit, due for release at 3 pm ET, is expected to drop to $11.8 billion in August from $25.45 billion in the preceding month, according to estimates compiled by Bloomberg.

In other world markets, Japan's Nikkei closed 1.8% higher, Hong Kong's Hang Seng ended 1.6% higher, while the Chinese market was closed for holiday. Across the Atlantic, UK's FTSE 100 gained 0.4%, and Germany's DAX index fell 0.2% in Europe's early afternoon session.

In equities, shares of Pfizer (PFE) were 2.9% higher pre-bell after media outlets reported that the drugmaker may become the target of a shareholder campaign led by activist investor Starboard Value. Duckhorn Portfolio (NAPA) shares more than doubled after the company agreed to be acquired by Butterfly Equity in a deal worth $1.95 billion.

On the losing side, Mullen Automotive (MULN) shares fell 5.6% after the company unveiled a cost cutting plan that includes a 20% headcount reduction. Trevena (TRVN) shares retreated 48% after the company said late Friday it received a delisting notice from Nasdaq with trading of its shares to be suspended effective Tuesday.

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