Stocks Set to Open Up on Earnings Reports Monday January 23, 6:26 am ET Stocks Set to Open Up With Earnings From Bank of America, Ford Motor on Tap
LONDON (AP) -- Whether it's a dead-cat bounce or a genuine recovery, U.S. stock market futures pointed higher on Monday, with earnings from Bank of America Corp., American Express Co. and Ford Motor Co. set to provide a backdrop to a reporting season that's been less than stellar so far.
Dow Jones futures were recently up 19 points, S&P 500 futures rose 3.5 points, and Nasdaq 100 futures advanced 4 points.
On Friday, Dow industrials sank 213 points to 10,667, the S&P 500 fell 23.6 points at 1,261 and the Nasdaq Composite tumbled 54 points at 2,247, as surging crude-oil futures, disappointing results from General Electric Co. and Citigroup Inc. and a break of a technical barrier by the Dow industrials weighed on markets.
The Dow Jones Industrial Average decline was the biggest one-day loss since March 2003.
The U.S. market fall weighed on markets in Asia and Europe, with the losses steeper in Tokyo and Hong Kong than in Frankfurt and London.
The dollar meanwhile fell to a fourth-month low against the euro, with the euro recently at $1.2258, and front-month crude oil contracts recently were down 35 cents at $68.13 a barrel in electronic trade.
On the earnings front, Bank of America is seen earning $1.02 a share for the fourth quarter, Ford Motor Co. is seen making 1 cent a share and American Express, due to report after the market close, is seen earning 59 cents a share.
Elsewhere, Nike Inc. said Chief Executive William Perez stepped down in a mutually agreed move after clashing with Philip Knight, company founder.
The Walt Disney Co. is near a deal to sell its ABC Radio unit to Citadel Broadcasting Corp. for nearly $3 billion, according to a report in The New York Times.
Toshiba has agreed to buy the Westinghouse unit of British Nuclear Fuels PLC for $5 billion, according to a Financial Times report.
Philip Electronics posted a 33 percent fourth-quarter profit decline, but shares climbed as the group's consumer electronics and semiconductors divisions beat consensus estimates.
