US futures rise after selloff

Comment on this story
WallStreet1234 REUTERS The US bourse is set to open higher as European leaders get ready to meet.

New York - US stock index futures bounced back on Monday following the largest weekly decline on the S&P 500 since 2012, as a scant US economic calendar kept the focus on earnings and Portugal was poised to bail out its largest publicly traded bank.

* Portugal will spend 4.9 billion euros (R70 billion) to rescue Banco Espirito Santo, its largest listed lender, testing the euro zone's resilience to another banking crisis just months after Lisbon exited an international bailout.

* Michael Kors reported a 43 percent rise in quarterly revenue, sending its shares up 2.7 percent in premarket trading.

* S&P 500 e-mini futures were up 7 points and fair value - a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract - indicated a higher open.

Dow Jones industrial average e-mini futures rose 51 points and Nasdaq 100 e-mini futures added 14 points.

* Conglomerate Loews Corp posted a 57 percent drop in quarterly profit on lower earnings from Diamond Offshore Drilling, one of the world's top five offshore rig contractors.

Diamond shares fell 4.9 percent in light premarket trading.

* Diamond was also downgraded and its price target was cut by Deutsche Bank, alongside similar bearish calls on Ocean Rig, Seadrill, Rowan Cos and others in the sector. - Reuters

sign up

Comment Guidelines

  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines