News Column

Futures Pointing To A Notably Higher Open On Wall Street

July 14, 2014

WASHINGTON (Alliance News) - Stocks are likely to move to the upside in early trading on Monday, regaining some ground after coming under pressure last week. The major index futures are currently pointing to a notably higher open for the markets, with the Dow futures up by 76 points.

Early buying interest may be generated by a positive reaction to earnings news from Citigroup (C), with the financial giant jumping by 3.9% in pre-market trading.

Citigroup reported second quarter net income that fell sharply year-over-year due largely to a USD3.8 billion charge in connection with a settlement with the Justice Department related to the bank's sale of shoddy mortgage-backed securities.

However, the company reported adjusted earnings of USD1.24 per share on revenues of USD19.3 billion compared to analyst estimates for earnings of USD1.05 a share on USD18.9 billion in sales.

The markets may also benefit from news on the merger-and-acquisition front, with URS Corp. (URS) moving sharply higher after agreeing to be acquired by Aecom (ACM) for approximately USD4 billion in cash and stock.

Nonetheless, trading activity may be somewhat subdued as traders look ahead to a slew of earnings news and economic data later in the week.

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Source: Alliance News

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