Before the bell: Futures flat as earnings season kicks off

Posted Jan 12th 2009 7:38AM by Melly Alazraki
Filed under: Before the Bell, International Markets, Earnings Reports, Market Matters, Alcoa Inc (AA), Oil

U.S. stock futures were mixed and rather flat Monday morning as investors braced themselves for the upcoming earnings season, expecting it to be a gloomy one (despite all the warnings that may have already been taken into account). If economic worries have been driving markets recently, corporate news will be the new added catalyst the next few weeks. Aluminum company Alcoa Inc. (NYSE: AA) kicks off the earnings season late Monday.

Overseas, Asian markets closed lower and European stocks dropped modestly as investors there still reacted to the U.S. jobs report from Friday and expected a grim report from Alcoa. Meanwhile, oil prices fell Monday below $39 a barrel as concerns over global economic growth outweighed the MidEast tensions, OPEC likely production cuts and the Gazprom-Ukraine gas dispute. Ukraine signed a deal Monday to allow independent monitors to track natural gas shipments from Russia, forgoing previous conditions.

No major economic indicators are due for release today.

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