©2016 Bloomberg News
(Bloomberg) — U.S. index futuresrose, reversing an earlier drop, signaling the first gain in four days for the Standard & Poor’s 500 Index.
Investors will turn their focus to corporate earnings, with Alcoa Inc. unofficially kicking off the reporting season after markets close. JPMorgan Chase & Co., Intel Corp. and Citigroup Inc. are among 11 companies scheduled to post quarterly results this week.
March contracts on the S&P 500 gained 0.4 percent to 1,918.5 at 10:49 a.m. in London, after reversing a drop of as much as 0.9 percent to climb as much as 0.9 percent. Contracts on the Dow Jones Industrial Average added 45 points, or 0.3 percent, to 16,280.
“Hopefully this week we will get a bit more stability and proper direction in the market,” said Patrick Spencer, equities vice chairman at Robert W. Baird & Co. in London. “Any decent earnings season could easily spark a revival in the market, but any disappointment or warnings about the future will be punished. There’s enough anxiety that any positive news is overlooked.”
The new year brought volatility, anxiety about global growth and losses for equity investors. The S&P 500 capped its steepest ever slide over five days to begin a year amid a worldwide rout sparked by worries that China’s slowdown is worse than anticipated. Even data showing resilience in the U.S. labor market couldn’t halt losses for the benchmark on Friday.
Analysts estimate profits for S&P 500 members fell 6.7 percent in the last quarter. Earnings are expected to decline in the first quarter of 2016, before increasing in the next six months. Alcoa lost 0.9 percent in early New York trading.
Genetic sequencing firm Illumina Inc. rose 6 percent after saying it expects 2016 revenue to rise 16 percent. It also formed a new company to develop a cancer-screening blood test, with investments from tech billionaires Bill Gates and Jeff Bezos.
–With assistance from Adam Haigh.
To contact the reporter on this story: Roxana Zega in Zurich at firstname.lastname@example.org To contact the editors responsible for this story: Cecile Vannucci at email@example.com Namitha Jagadeesh
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