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Stocks struggled for momentum ahead of the bell Monday after more signs that China’s economic recovery is still lagging, as investors got set for a busy week of earnings reports.
Futures on the Dow Jones Industrial Average (^DJI) were down around 0.1%, or 40 points. S&P 500 (^GSPC) futures were trading slightly below the flatline, while those on the Nasdaq 100 were a tad higher but broadly unchanged.
Disappointing GDP data out of China played into the muted tone in markets. Its economy grew 6.3% in the second quarter year-on-year, compared with the forecast for 7.3%. Worries that the faltering recovery in the world’s second-biggest economy will weigh on demand globally were balanced somewhat by hopes that Beijing would be forced to step up stimulus.
Though Monday’s lineup is low-key, market catalysts could come in the stream of quarterly results due in the next few days, including Tesla (TSLA) on Wednesday. Broadly, earnings for S&P 500 companies are expected to decline 7% this quarter.
On Tuesday, updates from Bank of America (BAC) and Goldman Sachs (GS) on Tuesday will be watched after strong reports from JPMorgan (JPM) and Wells Fargo (WFC) helped send stocks higher.
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