Investing.com – Wall Street futures pointed to higher open on Monday as investors digested the news that the military coup in Turkey failed and looked ahead to a second quarter earnings dump throughout the week.
The blue-chip Dow futures gained 25 points, or 0.14%, by 11:00AM GMT, or 7:00AM ET, the S&P 500 futures rose 4 points, or 0.20%, while the tech-heavy Nasdaq 100 futures advanced 5 points, or 0.10%.
News of the coup attempt in the NATO country came at the close of trade on Friday forcing U.S. stocks to end the trade flat and mixed after what had been their longest rally since March.
The Turkish government said on Sunday it was in full control of the country and economy after thwarting an apparent military coup to topple President Tayyip Erdogan late on Friday.
The government widened a crackdown on suspected supporters of the failed coup over the weekend, taking the number of people rounded up in the armed forces and judiciary to 6,000.
When the geopolitical risk apparently taken back off the table, investors were looking ahead to a slew of earnings this week when no less than 90 S&P 500 will report their second quarter numbers. S&P profit was forecast to have fallen 4.7%, according to Thomson Reuters.
In earnings on Monday, shares of Bank of America (NYSE:BAC) showed slight gains in pre-market trade after the second largest U.S. bank by assets reported earnings per share that beat consensus, though revenue came in slightly below forecasts.
Meanwhile, Hasbro (NASDAQ:HAS) traded flat despite beating consensus on both the top and bottom line.
IBM, Yahoo and Netflix were among companies slated to report earnings after the close.
No major economic reports were scheduled for release on Monday in what would be a relatively slow week on the data front stateside.
Oil prices had struggled for direction on Monday, flipping between gains and losses amid signs of an ongoing recovery in U.S. drilling activity, but investors finally appeared to opt for profit-taking in early morning North American trade.
Oilfield services provider Baker Hughes said late Friday that the number of rigs drilling for oil in the U.S. increased by six last week to 357, the third straight weekly gain and the sixth increase in seven weeks.
The renewed gain in U.S. drilling activity fueled speculation that domestic production could be on the verge of rebounding in the weeks ahead, underlining worries over a supply glut.
U.S. crude futures lost 0.51% to $46.41 by 11:02AM GMT, or 7:02AM ET, while Brent oil traded down 0.50% to $47.37.
Elsewhere, Asian shares were mixed in holiday-thinned trade. Markets in Japan were closed for the Marine Day public holiday.
Meanwhile, European stocks were trading higher, as SoftBank Group's multi-billion deal to buy British chip designer ARM Holdings (LON:ARM) lifted equities.