MARKET SNAPSHOT: U.S. Stocks Pare Gains; Halliburton Rallies

By Anora Mahmudova, MarketWatch

NEW YORK (MarketWatch) -- U.S. stocks pared in late morning trade Monday while a wave of companies reported earnings that topped Wall Street forecasts.

Reporting ahead of the bell Monday, Halliburton Co. (HAL), Hasbro, Inc. (HAS) and Kimberly-Clark Corp. (KMB) beat Wall Street's expectations. Netflix, Inc. (NFLX) is scheduled to release earnings results after the market close.

The S&P 500 (SPX) was down less than a point at 1,864.44. The benchmark index finished the holiday-shortened week with the best gain in 9 months on Thursday.

The Dow Jones Industrial Average (DJI) added 6 points to 16,417.40.

The Nasdaq Composite (RIXF) was down 9 points, or 0.2%, to 4,085.75.

"The rally [last week] was supported by a deeply oversold condition and improving economic conditions. The economy could be a catch-22, however, should an increase in economic activity prompt inflation to accelerate," wrote Bruce Bittles, chief investment strategist at Baird.

The economic calendar is light on Monday with only two reports on the docket. The Chicago Fed National Activity Index decreased to 0.20 in March from 0.53 in February. Signaling that growth could accelerate in coming months, the Conference Board's leading economic index rose 0.8% in March, after a 0.5% rise in February, officials said Monday.

Halliburton, AMD rally

One of the busiest weeks for earnings releases began with the results of Halliburton and Kimberly-Clark.

Ahead of the bell on Monday, Halliburton (HAL) reported that it swung to a first-quarter profit. Revenues also improved and results beat expectations. Shares rallied 4% in early trade.

Kimberly-Clark (KMB)posted estimate-beating profits, which largely came from lower cost as sales were weaker. Shares were slightly lower in early trading.

Hasbro Inc. (HAS) shares rose 1.2% after the toymaker said it swung to a first-quarter profit from a loss in the same quarter last year, thanks to sales of its girls toys category.

Shares of Advanced Micro Devices Inc. (AMD) rose 12% to $4.12 after the company reported better-than-expected results late Thursday.

After the close, Netflix Inc. (NFLX) will take the spotlight. The video-streaming company was trading 1.3% lower and lost nearly a quarter of its market value from its peak reached in March. What to look for in Netflix's earnings Monday.

Shares of Sarepta Therapeutics Inc. (SRPT) soared 47% after the company announced plans to submit a new drug application to the Food and Drug Administration for the treatment of Duchenne Muscular Dystrophy by the end of the year.

This week, the deluge of corporate earnings includes Apple Inc. (AAPL) , Microsoft Corp. (MSFT), Boeing Co. (BA) and Caterpillar Inc. (CAT)

European markets closed for Easter Monday

Several global markets remained closed on Monday, including those in Europe, plus Australia, Hong Kong and New Zealand. The Nikkei 225 index closed up 0.6%, while other markets closed flat to slightly lower.

Gold(GCM4) and oil prices (CLK4) eased back on Monday, while the dollar firmed against the yen (USDJPY).

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