Stock index futures are declining in premarket trading Monday, following a positive-opening March week that saw the S&P 500 and the Dow Jones Industrial Average climb 2.6% and 2.1% respectively.
A strong nonfarms payroll report, balanced with a decline in average earnings, helped indices close last week on high note.
Climbing crude prices also helped lift stocks -- prices climbed about 10% in the week -- as the commodity may have finally found a bottom after months of searching. Prices are continuing their upward trajectory on Monday, with industry standard Brent crude rising $0.67 to $33.39 per barrel and West Texas crude contracts for April delivery rising $0.70to $36.62 per barrel.
Looking to the week ahead, earnings season continues to wrap up this week with Shake Shack (SHAK) and Urban Outfitters (URBN) reporting quarterly results on Monday. Dick's Sporting Goods (DKS) reports on Tuesday while Wednesday's earnings highlights include Express (EXPR) and Square (SQ). On Thursday, we will be watching Dollar General (DG) and Vail Resorts (MTN) earnings.
Economic reports scheduled to be released this week include the Gallup U.S. Consumer Spending Measure and Labor Market Conditions Index on Monday. The U.S. Energy Information Association Petroleum Status Report is scheduled for release on Wednesday. On Thursday, the weekly jobless claims report is scheduled for release. And on Friday, Baker Hughes will release its latest rig count.
Dupont (DD) was climbing premarket following reports that German chemical company BASF is weighing a counterbid for the company. In December, Dupont agreed to merge with rival Dow Chemical (DOW).
In entertainment news, "Zootopia," the latest offering from Trifecta portfolio holding Disney (DIS), set a record at the opening weekend box office for the storied animation studio, bringing in $73.2 million. The three-day total outperformed Disney Animation Studio's previous top dog "Frozen," which earned $67.4 million when it debuted in November 2013.
In political news, this week the Democratic and Republican candidates turn their attention to primaries in Michigan on Tuesday, where Republican front-runner Donald Trump has a commanding lead in polling over rivals Sen. Ted Cruz and Sen. Marco Rubio. Hillary Clinton is also polling ahead of rival Sen. Bernie Sanders in the state.
