U.S. stock-index futures were little changed, after equities neared a record, before Goldman Sachs Group Inc. and Citigroup Inc. report earnings.
E-mini futures on the Standard & Poor’s 500 Index expiring in June fell less than 0.1 percent to 2,098.75 at 10:44 a.m. in London. The underlying gauge advanced yesterday to within 0.5 percent of a record, as Intel Corp. climbed and energy companies rallied. Contracts on the Dow Jones Industrial Average lost 7 points to 18,015.
Analysts have cut profit projections for S&P 500 companies amid concern over a surging dollar and weaker economic data. They predict first-quarter earnings fell 5.6 percent.
Mattel Inc. and Philip Morris International Inc. are also reporting quarterly results today. Analysts predict earnings for S&P 500 companies fell 5.6 percent in the first quarter. Banks’ profits probably fared better for the period, dropping an estimated 0.1 percent. JPMorgan Chase & Co., which reported earnings on Monday, rose to a 15-year high yesterday.
Investors are also watching economic reports for clues on the timing of the Fed’s first rate increase since 2006. Data at 8:30 a.m. Washington time may show housing starts rose at a faster pace in March from a month earlier, economists predict. Another release at the same time may show the number of applications for jobless benefits fell slightly in the week ended April 11 compared with the previous period.
Source : Bloomberg