NEW YORK (TheStreet) -- U.S. stock futures were dipping Monday following the long July 4 weekend and a record performance that saw the Dow Jones Industrial Average close well over the 17,000 threshold.
Dow futures were down 25 points, or 35.26 points below fair value, to 16,951. S&P 500 futures were falling 3.5 points, or 4.04 points below fair value, to 1,974. Nasdaq futures were slipping 7 points, or 6.26 points below fair value, to 3,908.8. On Thursday, stronger-than-expected jobs data and a falling unemployment rate was enough impetus to drive the Dow to exceed the psychologically important 17,000 milestone.
The next set of catalysts for stocks will be second-quarter earnings season, beginning on Tuesday with Alcoa's (AA) results after the bell and earnings reports from Family Dollar Stores (FDO) on Thursday and dominant U.S. mortgage lender Wells Fargo (WFC) on Friday.
Piper Jaffray technical analyst Craig Johnson wrote that both the Dow and S&P 500 remain in well-defined uptrends at this juncture and are well above their 50-day and 200-day moving averages. He noted that the markets should continue to work their way higher, with the economy healing and oil prices easing.
According to S&P Capital IQ, the consensus analyst estimate puts S&P 500 earnings growth at 6.6% year over year for the second quarter, with average earnings per share of $28.71. Nine of the 10 sectors are anticipated to have grown, with telecoms and energy leading that growth.