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Tuesday, April 13, 2021

U.S. stock futures lean higher as Verizon meets

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LONDON (MarketWatch) – U.S. stock futures were a touch higher Monday as upbeat results from Verizon Communications and Marvell Technology helped to compensate for a flurry of bankruptcy announcements.

S&P 500 futures rose 1.4 points to 1,078.30 and Nasdaq 100 futures rose 2.25 points to 1,754.20. Futures on the Dow Jones Industrial Average rose 11 points.

U.S. stocks struggled on Friday, with the S&P 500 retreating 1.2% to drag the week’s performance to a 0.7% fall.

Monday’s economic calendar is light, with the Treasury selling $7 billion of five-year inflation-protected notes to kick off a busy week of debt sales.

There also was a flurry of bank bankruptcies announced over the weekend that took the total to 106 this year. Real-estate lender Capmark Financial, owned by private-equity groups and GMAC, also joined the bankruptcy wave.

Outside of financials, FairPoint Communications (FRP) also said it’s filing for Chap. 11 protection.

But earnings continued to be predominately upbeat. Heading into Monday, 81% of the 199 S&P 500 companies that have reported results have beaten estimates, according to Thomson Reuters data.

Verizon Communications (VZ) met estimates as it reported a 30.5% drop in third-quarter profit. Verizon shares rose 1.9% in pre-market action.

Marvell Technology (MRVL) rose 4% as it lifted its earnings outlook, citing better-than-forecast revenue and a tax benefit.

Health insurer Amerigroup (AGP) dropped 7%, however, after warning on the impact of flu costs.

In Europe, where earnings haven’t been as stellar, refrigerator maker Electrolux climbed after nearly doubling third-quarter net income.

Holland’s ING (ING) announced a sweeping break-up plan to sell or list its insurance operations to repay state aid, and the Dutch lender dropped over 8% in pre-market action.

The Seoul Composite rose 0.7% as data showed the Korean economy climbing 2.9% in the third quarter.

Shares in Europe hovered around the flat line, with the FTSE 100 up 0.2% in London.

Oil futures fell but traded above the $80-a-barrel mark; the dollar slipped against the Japanese yen.

Investor’s Business Daily Inc.

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