Wall Street is poised to end a five-session losing streak, amid better-than-forecast earnings and as Chinese equities pulled back from a selloff, and ahead of a highly anticipated Federal Reserve meeting.
Futures for the Dow Jones Industrial Average rose 0.4 percent to 17,460, while those for the S&P 500 index added 0.4 percent to 2,073. Futures for the Nasdaq 100 index picked up 0.3 percent to 4,536.25.
Chinese equities lost 1.7 percent, after sinking as much as 5.1 percent. Shares tumbled 8.5 percent yesterday amid weaker-than-expected economic data and concern that a three-week rally sparked by unprecedented government intervention is unsustainable.
The U.S. Federal Reserve begins its two-day policy meeting. No move on rates is expected this week, but close attention will be paid to whether Fed chair Janet Yellen signals September or December as the most likely date for "liftoff".
DATA:
Data expected during the day includes the index of U.S. consumer attitudes at 10 a.m. The index is expected to have fallen to 100.0 in July from 101.4 in June.
MOVERS:
Baidu (NASDAQ:BIDU) slumped 13 percent in premarket trading after China's biggest Internet search company's quarterly profit missed estimates.
DuPont (NYSE:DD) fell 2.6 percent after the chemical and crop company reduced its earnings forecast for the year.
Ford (NYSE:F) rose 2.4 percent after the automaker's second-quarter earnings widely beat Wall Street expectations, based on the continued strength of its North American sales.
Pfizer (NYSE:PFE) was up 1.9 percent while Merck (NYSE:MRK) was flat after the drugmakers' adjusted profit beat estimates even as a stronger dollar hurt revenue.
eBay (NASDAQ:EBAY) rose 0.5 percent after the e-commerce company said it’s ending its eBay Now one-hour delivery service, in the U.S.
United Parcel Service (NYSE:UPS) added 3.7 percent after quarterly profit exceeded analysts’ estimates as the world’s largest package-delivery company benefited from a new pricing system.
PayPal Holdings (NASDAQ:PYPL) gained 1.3 percent after Jefferies Group recommended buying the stock.
Regeneron Pharmaceuticals (NASDAQ:REGN) climbed 2.5 percent after Sanofi agreed to contribute $2.2 billion to work with the company on therapies that harness the immune system to fight cancer.
COMMODITIES:
Spot gold was at $1,092.90 an ounce, little changed from late yesterday, while U.S. gold futures for August delivery were down $4.30 an ounce at $1,092.10.
On the New York Mercantile Exchange, West Texas Intermediate futures were trading down 0.7 percent at $47.08 a barrel.