U.S. stock futures opened on the weak side this morning, as the market comes off its best week in 2016.
Many investors will be eyeing the U.S. Federal Reserve’s policy meeting scheduled this week for signs of an improvement in interest rates. They will also be scrutinizing big-name earnings reports across different sectors for any clues indicating significant gains amid gloomy forecasts.
The biggest earners include McDonald’s, Halliburton, D.R. Horton and Kimberly-Clark. McDonald’s stock jumped 3% in pre-market trading and earnings for the fast-food giant are expected to continue rolling in after it reported significant gains in same-store sales in the last quarter. This boost in sales is attributed to the launch of McDonald’s all-day breakfasts in the United States and increasing sales in China.
Halliburton reported earnings that are slightly higher than estimates. The oil services firm implemented cost-cutting measures last year to help offset the impact of plummeting oil prices and the resulting drop in drilling activity.
Crude oil prices are still declining on concerns over oversupply and are about 3 percent lower, a reversal from the temporary surge seen last Friday.
Brent crude, down 99 cents, was priced at $31.19 on Monday. On the other hand, U.S. crude lost $1.04 to $31.15 a barrel.