S&P 500 futures steady as earnings-heavy week looms; Boeing rises
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Futures: Dow up 0.04%, S&P 500 down 0.08%, Nasdaq down 0.22%
Oct 21 (Reuters) -Futures tracking the benchmark S&P 500 and the Dow were little changed on Monday, while Nasdaq futures slipped as investors awaited earnings reports that could either disrupt Wall Street's rally, or propel it to fresh record highs.
At 5:19 a.m. ET, Dow E-minis 1YMcv1 were up 18 points, or 0.04%, U.S. S&P 500 E-minis EScv1 were down 4.75 points, or 0.08% and Nasdaq 100 E-minis NQcv1 were down 46.5 points, or 0.22%.
Boeing BA.N jumped 3.9% in premarket trading on news that workers could vote on a new deal to end a costly five-week-long strike. The planemaker is scheduled to report results later this week.
Among S&P 500 companies, 114 are expected to report quarterly earnings during the week, including International Business Machines IBM.N, Tesla TSLA.O and Coca-Cola KO.N. The chip sector will also be keenly in focus, with Texas Instruments TXN.O reporting results.
Of the S&P 500 companies that have reported results so far, 83.1% have beaten earnings estimates, as of Friday, versus the 79.1% average of the previous four quarters, according to LSEG data.
A fairly solid start to earnings season, combined with upbeat economic data and continued optimism around Federal Reserve rate cuts, have helped indexes rally higher, with the S&P 500 inching closer to crossing the 6,000-mark milestone for the first time.
The Dow Jones Industrial Average .DJI and the benchmark index .SPX notched up record closing highs on Friday. Both indexes, along with the Nasdaq, logged a sixth consecutive week of gains in their best winning streak so far this year.
This, despite risks such as rising geopolitical worries in the Middle East, gains in Treasury yields and the upcoming U.S. presidential election.
"Stock markets continue to withstand geopolitical turmoil and uncertainty about the US election... the election is getting closer and the uncertainty will in all likelihood remain at least until election night," analysts at SEB said in a note.
In broader markets, trades expected to perform well if Republican candidate Donald Trump wins in November were catching a bid, as polls showed the former U.S. president's chances improving. The U.S. dollar, bitcoin BTC= and gold gained ground. MKTS/GLOB
Among other stocks, Spirit Airlines SAVE.N skyrocketed 45% after the company reached an agreement to extend a debt refinancing deadline by two months.
On the economic front, this week sees the release of home sales, flash PMIs and durable goods data, as well as the Federal Reserve's Beige Book.
A number of central bank speakers are on deck as well, with Fed officials including Lorie Logan, Neel Kashkari, Jeffrey Schmid and Mary Daly due to speak on the day.
Reporting by Lisa Mattackal in Bengaluru; Editing by Pooja Desai
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