Updated from 7:40 a.m. ET on Monday, July 17.
Stock futures were slightly higher on Monday, July 17, in what looked to be a quiet start to the week ahead of a rush of earnings in the coming days.
S&P 500 futures added 0.06%, Dow Jones Industrial Average futures were up 0.06%, and Nasdaq futures rose 0.13%.
The second-quarter earnings season kicked off on Friday with a number of notable reports from the banking sector. Notable earnings in the coming week include Netflix Inc. (NFLX) on Monday; International Business Machines Corp. (IBM) , Bank of America Corp. (BAC) and Goldman Sachs Group Inc. (GS) on Tuesday, July 18; and eBay Inc. (EBAY) , Snap Inc. (SNAP) and Microsoft Corp. (MSFT) on Thursday, July 20.
Overall, analysts anticipate another quarter of above-average strength. CFRA Research said it anticipates 6.2% year-over-year earnings growth among S&P 500 companies, better than a 1.7% earnings decline seen in the same quarter a year earlier. The energy sector is expected to lead the pack, recovering from weakness over the previous two years.
"We believe another quarter of double-digit earnings growth for the S&P 500 in the second quarter is possible, given generally solid overall economic data, the strong rebound in energy sector profits, and solid financial and technology sector earnings gains," said Burt White, chief investment officer for LPL Financial.
BlackRock Inc. (BLK) moved slightly lower in premarket trading Monday after falling short of profit and sales estimates over its recent quarter. Adjusted earnings of $5.24 a share missed consensus of $5.40. Revenue rose 6% to $2.97 billion. Analysts anticipated revenue of $2.99 billion.
Wall Street closed at records on Friday, July 14, the Dow Jones Industrial Average for the third day in a row. The Dow was up 0.40% on Friday, July 14, setting a new record close of 21,639. The S&P 500 added 0.47% to end at 2,459, superseding the record set on June 19. The Nasdaq was close to its own records.
Economic activity in the New York area in July weakened at a far sharper pace than anticipated. The Empire State Manufacturing Survey fell to a reading of 9.8 in July, down from 19.8 in June. Analysts expected a reading of 15.5.
In deal news Monday, Church & Dwight Co. (CHD) agreed to purchase Water Pik for $1 billion in an all-cash deal. Church & Dwight anticipates the deal to purchase the flossing company will close in the third quarter. Water Pik had net sales of roughly $265 million in the 12 months to June 30.
Valeant Pharmaceuticals International Inc. (VRX) increased more than 1% in premarket trading after agreeing to sell its Obagi Medical Products in a $190 million all-cash deal. Haitong International Zhonghua Finance Acquisition Fund has agreed to purchase the dermatological product line. The deal is expected to close in the second half of this year.
Activist investor Nelson Peltz on Monday said he is seeking a director seat for himself on Procter & Gamble Co.'s (PG) board, setting the stage for the largest boardroom battle in U.S. history. The stock rose 0.7% in premarket trading.
Eat, Drink and Talk Money with Jim Cramer
Meet Jim Cramer at an exclusive reception at his Bar San Miguel in Brooklyn, N.Y., on Tuesday, July 25, from 6:30 p.m. To 9 p.m.
The evening will start with a screening of Jim's CNBC show Mad Money. Afterwards, Jim will join the party fresh off of the CNBC set to mingle, take photos and answer your investing questions.
Tickets include dinner, drinks and an autographed copy of Jim's book Get Rich Carefully.
Click here for more information or to buy tickets.
Where: Bar San Miguel, 307 Smith St., Brooklyn, N.Y.
When: Tuesday, July 25, 6:30 p.m. to 9 p.m.