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U.S. stock futures declined earlier Monday morning but have changed direction since and now (7:10 a.m.) point to a higher open on Wall Street. With earnings season striking in full force this week as well as some key economic releases expected, it's no wonder investors are unsure. It doesn't help when CIT Group is reportedly struggling to survive.While only 6% of the S&P 500, or 31 companies, is due to report results this week, they include major financials Goldman Sachs, Bank of America, Citigroup and JPMorgan Chase, along with tech leaders Google, Intel and IBM. Currently, S&P earnings are expected to have declined 36% in the second quarter versus a year ago, according to the latest Thomson Reuters estimates. But if in the first quarter expectations were so low that companies often surprised, are they low enough? And even if they are, will investors be content with reports that show slow recovery or would they want to see more, especially in company sales?
Meanwhile, CIT Group Inc. (CIT) is struggling to survive. The lender said Sunday it is still in talks with regulators about the possibility of participating in the Federal Deposit Insurance Corp.'s Temporary Liquidity Guarantee Program to improve its near-term liquidity as recent losses may jeopardize its compliance with capital requirements and other capital raise could require to securitize assets.
Overseas, stocks recorded big losses in Asia, but European stock markets traded in a tight range Monday. Oil continued its slide, with prices down to near $59 a barrel Monday in Asia, extending a two-week sell-off.
Before all the economic indicators are released later this week, today is a light day with the Treasury budget coming out at 2 p.m. Eastern.
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