Stock futures point to modest Wall Street gains ahead of big retail earnings week

FILE PHOTO: Traders wearing masks work, on the first day of in person trading since the closure during the outbreak of the coronavirus disease (COVID-19) on the floor at the New York Stock Exchange (NYSE) in New York, U.S., May 26, 2020. REUTERS/Brendan McDermid

NEW YORK (Reuters) – U.S. stock index futures indicate Wall Street will make moderate gains on Monday as retail earnings queue up and with housing data in the offing.

Second-quarter earnings season is mostly over, with major retailers yet to post results. Walmart Inc (WMT.N), Home Depot Inc (HD.N), Kohls Corp (KSS.N), Lowe’s Companies Inc (LOW.N), Target Corp (TGT.N) are among the retailers on deck, with industrial Deere & Co (DE.N) set to wrap up the week.

As of Friday, 457 companies in the S&P 500 have posted results, of which 81.4% have come in above a decidedly low expectations bar, according to Refinitiv data.

Housing starts and existing home sales data releases are due this week, both of which are expected to have increased, lending further evidence that housing is bouncing back from a pandemic-induced recession faster than other sectors.

Market participants remain hopeful that Washington will pass a fresh stimulus package, weeks after emergency unemployment benefits expired for millions of Americans.

* S&P 500 e-minis were up 7.25 points, or 0.22%, with 7,955 contracts changing hands.

* Nasdaq 100 e-minis were up 23.25 points, or 0.21%, in volume of 2,919 contracts.

* Dow e-minis were up 56 points, or 0.2%, with 2,243 contracts changing hands.

* Benchmark 10-year note futures last rose 1/32 in price.

Reporting by Stephen Culp; Editing by Sam Holmes

Our Standards:The Thomson Reuters Trust Principles.

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