Stock Market Today: Futures Dip as Geopolitical Tensions Spike

NEW YORK (TheStreet) -- Stock futures were dipping Monday but the S&P 500 was still sitting near all-time highs as geopolitical tensions spiked but earnings growth outlook remained promising.

Dow Jones Industrial Average futures were falling 44 points, or 44.18 points below fair value, to 16,988. S&P 500 futures were behind by 4.75 points, or 5.22 points below fair value, to 1,966.75. Nasdaq futures were slipping 4.5 points, or 6.34 points below fair value, to 3,925.8.

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The U.S. market calendar was devoid of major economic data Monday, with earnings sitting front and center. Wall Street expects second-quarter earnings at online streaming company Netflix (NFLX) to have more than doubled to $1.16 a share from 49 cents a year earlier, even as the company invests more in production and international expansion. Chipmaker Texas Instruments (TXN) is expected to post earnings of 59 cents a share in the second quarter on revenue of $3.27 billion. Chipotle Mexican Grill (CMG) is forecast to report second-quarter earnings of $3.08 a share on revenue of $989.6 million. Apple (AAPL) will be disclosing its latest financial statement on Tuesday, with Boeing (BA) and Facebook (FB) on Wednesday.

An S&P Capital IQ report said that analysts are currently expecting earnings growth for calendar 2014 to come in at 9.6% on top of the -2.1% result from 2013. All 10 sectors, with the exception of utilities and telecom, are expecting earnings growth in 2014, with IT leading the growth.

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