Futures little changed after bruising week

U.S. stock index futures were little changed on Monday following a bruising week that left the Dow and the S&P 500 lower for the third straight week.

* U.S. stocks fell on Friday as a decline in oil prices added to pressure from consumer companies after gloomy quarterly reports from retailers overshadowed upbeat April retail sales data.

* Data from China over the weekend was also tepid. April’s retail sales, factory output and fixed-asset investment all fell short of forecasts by economists polled by Reuters.

* However, oil prices jumped over 2 percent to their highest since October 2015 on growing Nigerian oil output disruptions and after long-time bear Goldman Sachs said the market had ended almost two years of oversupply and flipped to a deficit. [O/R]

* Investors will also be keeping an eye on data scheduled to be released today. U.S. homebuilder sentiment likely rose a bit in May from April. NAHB Housing Market index is expected to have increased to 59 from 58 in April. The data is expected at 10 a.m. ET (1400 GMT).

* Manufacturing activity in New York State is expected to have dropped to 6.50 in May from 9.56 in April. The report is due at 8:30 a.m. ET,

* Investors have been keeping a sharp eye on data for clues regarding the path of interest rate increases. While some Federal Reserve officials have hinted at two rate hikes this year, traders are pricing in only one at the end of the year.

* While the S&P 500 has risen about 15 percent since February lows, that rally had fizzled out in the last few weeks due to disappointing corporate earnings and mixed economic data.

* For every company that has given an upbeat forecast for the current quarter, more than two have warned of disappointing earnings, according to Thomson Reuters I/B/E/S.

* Yahoo (YHOO.O) shares were up 3.2 percent at $37.65 in premarket trading after a Reuters report that billionaire investor Warren Buffett is backing a consortium of investors to buy the search engine company’s Internet assets.

* Tribune Publishing (TPUB.N) was up 26.6 percent at $14.52 after Gannett (GCI.N) raised its buyout offer to $15 per share.

* Anacor Pharmaceuticals (ANAC.O) jumped 53.4 percent to $98.35 after Pfizer (PFE.N) said it would buy the drugmaker in a deal valued at $5.2 billion. Pfizer was down 0.3 percent at $33.10.

Futures snapshot at 7:13 a.m. ET:

* S&P 500 e-minis ESc1 were up 1.25 points, or 0.06 percent, with 130,460 contracts traded.

* Nasdaq 100 e-minis NQc1 were down 0.5 points, or 0.01 percent, on volume of 18,267 contracts.

* Dow e-minis 1YMc1 were up 2 points, or 0.01 percent, with 21,806 contracts changing hands.

(Reporting by Tanya Agrawal and Yashaswini Swamynathan; Editing by Anil D’Silva)

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Source URL:http://www.reuters.com/article/usa-stocks-idUSL3N18D40P

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