U.S. Stock Futures Inch Lower

U.S. stock futures slipped on Monday, signaling a modestly lower open, as shares looked set to give back some of last week's gains.

Futures on the S&P 500 index fell three points, or 0.1%, to 2087. E-mini Dow futures contracts were down 0.2%, while the e-mini contract on the Nasdaq 100 lost 0.1%.

Monday marks the latest sideways move for stocks, which have stuck to a narrow range this summer as investors grapple with lackluster second-quarter earnings, upheaval in Chinese markets and turmoil over Greek finances. The S&P 500 index is down 0.6% through Friday in August.

"The end of August I think will be quiet now that these China things have kind of settled down," said Michael Antonelli, equity sales trader at Robert W. Baird. "We're still stuck in the middle of this range."

The coming week will be relatively light on both economic data and corporate earnings. Monday brings a report on August manufacturing activity in New York, as well as data on the housing market from the National Association of Home Builders.

With the bulk of second-quarter earnings reports in the rearview mirror, companies in the S&P 500 are on track to report a quarterly decline in profits of 0.8%, according to FactSet, with 465 companies reporting.

Shares of Esté e Lauder Cos. fell 2.2% in premarket trading after the makeup and fragrance company reported a fiscal fourth-quarter profit that beat expectations but gave a downbeat outlook.

Tesla Motors Inc. shares added 6% premarket after analysts at Morgan Stanley sharply raised their price target on the stock to $465 from $280. Shares closed at $243.15 on Friday.

In Europe, stock markets were mixed. The Stoxx Europe 600 index was nearly flat, while Germany's DAX fell 0.3%. France's CAC 40 index gained 0.1%.

Investors in Europe also drew comfort from progress on a new bailout for Greece, after €86 billion (around $96 billion) in loans to Athens were cleared by the eurozone on Friday after markets closed. The main Athens stock index was 0.6% higher.

Chinese stock markets were higher, with the Shanghai Composite gaining 0.7% as government funds continued to stabilize the market. Hong Kong's Hang Seng fell 0.7%. China eased fears that its currency is headed for a protracted decline by setting the yuan on Monday near Friday's close.

In commodities markets, oil futures fell 1.6% to $41.83 a barrel. Gold added 0.3% to $1115.90 per ounce.

The yield on the U.S. 10-year Treasury eased slightly to 2.185% as prices rose.

Write to Dan Strumpf at [e-mail]

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(END) Dow Jones Newswires

August 17, 2015 08:55 ET (12:55 GMT)

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