NEW YORK (CNNMoney.com) -- U.S. stocks were set for a higher start Monday, looking to rebound from the previous week's slump, as investors entered a week full of second-quarter results from corporate America.
Futures measure current index values against perceived future performance.
A drop in consumer sentiment, along with weak earnings from financial firms Bank of America (BAC, Fortune 500) and Citigroup (C, Fortune 500), pressured stocks at the end of the week and dragged the Dow down by 261 points on Friday.
But investors are awaiting fresh hints about the economy as the quarterly earnings period kicks into full swing, with results from 122 companies on tap this week.
Of the companies that have reported so far, about 75% have beaten earnings expectations and 71% have topped revenue forecasts.
"In general, earnings season has been better than what had been expected, and it seems that this hasn't been priced into the market yet, while the fear of a double-dip recession has been priced in," said Art Hogan, chief market strategist at Jefferies & Co.
"We're stuck in a tug-of-war between these two forces, but since the economic calendar is pretty light today, it looks like we're going to rebound as investors focus more on earnings," he added.
American International Group (AIG, Fortune 500) rose less than 1% after the troubled insurance company named Mark Tucker, the former CEO of Prudential, as head of it its Asian life insurance business.
World markets: European shares were higher in the early going. The DAX in Germany, France's CAC 40 and Britain's FTSE 100 all added less than 1%.
In Asia, the Hang Seng in Hong Kong lost 0.8%, while the Shanghai Composite added 2%. Japanese markets were closed on Monday.
Dollar and commodities: The dollar was down against the euro, but up versus the British pound and the Japanese yen.
U.S. light crude oil for August delivery rose 19 cents to $76.20 a barrel.
COMEX gold's August contract fell 60 cents to $1,187.60 per ounce.
Bonds: Treasury prices fell, pushing the yield on the 10-year note up to 2.96% from 2.93% late Friday. Bond prices and yields move in opposite directions.
How much of a hit did you take in the recent correction? Are you worried about a bear market? What changes have you made in your portfolio and what changes do you plan on making for the rest of the year? E-mail your story to firstname.lastname@example.org and you could be featured in an upcoming article. For the CNNMoney.com Comment Policy, click here.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.92%||3.97%|
|15 yr fixed||3.00%||3.08%|
|30 yr refi||3.99%||4.02%|
|15 yr refi||3.10%||3.16%|
Today's featured rates:
Berkshire Hathaway CEO Warren Buffett released his 50th annual letter to shareholders. The Oracle of Omaha thinks the next 50 years will be great and knows who will replace him. More
Potential presidential candidate says that improvement in unemployment rate is due to millions of jobless not being counted. More
Samsung has unveiled the latest versions of its flagship Galaxy smartphones. More
Self-described 'Last of the Mohicans' is still fixing typewriters after 55 years. More
The top 5 consumer complaints have to do with identity theft, debt collectors, imposters, telephone companies and banks. More