With nearly one-third of S&P 500 companies reporting results this week, earnings season is taking center stage on Wall Street. Investors will be closely monitoring the health of the U.S. economy after a hard winter that pressured consumers and businesses alike.
After a three-day lay-up for the Easter holiday, U.S. futures were rising in recent premarket activity. Meanwhile, the yield on the 10-year U.S. Treasury note jumped more than 3% to 2.72%, while gold and oil futures dipped. Overseas, Asian markets saw mixed action.
The economic calendar is light today. Wall Street analysts expect the Conference Board's leading indicators to remain unchanged at 0.5% in March. That report is released at 10 a.m. ET. Also, look for the Chicago Federal Reserve's National Activity Index before the bell.
Among early movers, AstraZeneca (AZN) shares jumped nearly 7% on a reported $100 billion takeover bid by Pfizer (PFE) that was rebuffed. A proposed merger between the world's two largest mining companies, Barrick Gold (ABX) and Newmont Mining (NEM), have hit a snag, according The Wall Street Journal. Both stocks moved higher in premarket trading.
In early earnings, oil-services giant Halliburton (HAL) beat top- and bottom-line estimates, while toymaker Hasbro (HAS) swung to profitability that beat first-quarter forecasts, helped by improved sales of girls' toys. Consumer-products company Kimberly-Clark (KMB) bested net-income estimates on in-line revenue, while SunTrust Banks (STI) surpassed earnings expectations by $0.07 per share.