Wall Street is set to open lower today as investor focus shifted from Greece to the U.S. earnings season and after an Iranian nuclear deal stoked fears of oil-market oversupply.
Futures for the Dow Jones Industrial Average slipped 0.1 percent to 17,883, while those for the S&P 500 index lost 0.1 percent to 2,092.75. Futures for the Nasdaq 100 index rose 1.25 points to 4,489.25.
Iran and six world powers reached a deal under which sanctions imposed by the United States, European Union and United Nations would be lifted in exchange for curbs on Iran's nuclear program.
U.S. quarterly earnings kick off in earnest with big banks reporting this week. Corporate earnings are expected to have fallen 2.9 percent in the second-quarter, according to Thomson Reuters estimates data.
U.S. stocks rose yesterday, marking the third session of gains for the S&P and Dow. The S&P 500 added 1.1 percent to 2,099.60 and posted its largest three-day advance since Dec. 22. The Dow rallied 1.2 percent to 17,977.68 for its biggest three-day gain since Feb. 5.
DATA:
Sales at U.S. retail stores fell 0.3 percent in June, as consumers cut spending on a variety of goods and services, including cars, clothes, home furnishings and dining out. Sales were also revised lower for May and April. Economists polled by MarketWatch had forecast a seasonally adjusted 0.2 percent increase in retail sales last month. The weak June sales report as well as the downward revisions in the prior two months suggest U.S. growth in the second quarter will be somewhat weaker than Wall Street expects.
MOVERS:
JPMorgan (NYSE:JPM) fluctuated in premarket trading after the biggest U.S. bank by assets reported a 5.2 percent increase in quarterly profit as expenses declined.
Wells Fargo (NYSE:WFC) slipped 1.4 percent after quarterly revenue missed estimates.
Johnson & Johnson (NYSE:JNJ) fell 0.7 percent even as its earnings exceeded analysts forecasts and the company raised its full-year profit view.
Micron Technology (NASDAQ:MU) jumped 12 percent after sources told Reuters that China's state-backed Tsinghua Unigroup is preparing a $23 billion bid for the U.S. memory chip maker.
Amazon (NASDAQ:AMZN) rose 1.4 percent after UBS upgraded the company's stock to "buy" from "neutral".
GoPro (NASDAQ:GPRO) rose 3.2 percent after Barclays raised its rating on the action camera maker's stock to "overweight" from "equal weight".
Starbucks (NASDAQ:SBUX) added 0.2 percent after the coffee chain struck a deal to push into sub-Saharan Africa next year.
Digital Realty Trust (NYSE:DLR) may be active after the data-center and colocation company said it has made a $1.9 billion deal to buy Telx from Berkshire Partners and Abry Partners.
OTHER MARKETS:
European stocks pulled back slightly today. France’s CAC-40 slipped 0.2 percent and Germany’s DAX lost 0.4 percent.
COMMODITIES:
Brent crude futures fell 1.85 percent to $56.77 a barrel, its lowest in over three months, while U.S. crude was trading down 2.01 percent at $51.16 per barrel.
Spot gold was down 0.3 percent at $1,153.80 an ounce, while U.S. gold futures for August delivery were down $2.70 an ounce at $1,152.70.