Wall Street poised for mixed open; corporate earnings, economic data in focus
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Boeing slips after job-cut plans, jet delivery delay
B. Riley Financial soars after company says will sell unit
Futures: Dow down 0.19%, S&P 500 up 0.17%, Nasdaq up 0.32%
Updated at 8:35 a.m. ET/1235 GMT
By Lisa Pauline Mattackal and Purvi Agarwal
Oct 14 (Reuters) - Wall Street futures fluctuated on Monday, with the S&P 500 and the Nasdaq on track to open higher, as investors geared up for a week packed with corporate earnings and economic data that will likely test stretched stock market valuations.
Dow E-minis 1YMcv1 were down 80 points, or 0.19%, U.S. S&P 500 E-minis EScv1 were up 10.25 points, or 0.17%, and Nasdaq 100 E-minis NQcv1 were up 64.75 points, or 0.32%.
Major financial companies kicked off the third-quarter corporate earnings season on a broadly positive note on Friday, with JPMorgan Chase JPM.N, Wells Fargo WFC.N and BlackRock BLK.N rallying after the results.
Their gains propelled the Dow Jones Industrial Average .DJI and the benchmark S&P 500 .SPX to record closing highs in the previous session.
But withstock valuations stretched - the S&P 500 is trading at 21.8 times forward earnings, versus a long-term average of 15.7 - companies will be forced to justify them and satisfy investors.
"We closed pretty strong on Friday, thanks to the bank earnings results. JPMorgan was clearly the standout, helping the bank index to a pretty impressive 3% overall move and setting a tone of optimism going into a bigger part of earnings season this week," said Michael James, managing director of equity trading at Wedbush Securities.
"It's all about getting one's ducks in a row for the Q3 earnings season."
Forty-one S&P 500 companies are expected to report results this week, including Bank of America BAC.N, Citigroup C.N, Johnson & Johnson JNJ.N and Netflix NFLX.O.
Year-over-year third-quarter earnings growth for the S&P 500 is estimated at 4.9%, according to data compiled by LSEG onFriday.
Investors will also watch for crucialeconomic data, notably the Septemberretail sales figures, due on Thursday, for clues on the financial health of U.S. consumers.
Federal Reserve officials Christopher Waller and Neel Kashkari are scheduled to speak through the day.
While traders have dialed back expectations for an outsized 50-basis-point rate cut at the Fed'sNovember meeting following astring of strong labor market data, bets on a 25-basis-point reduction havestayed largely intact at around 84%, according to the CME Group's FedWatch tool.
Planemaker Boeing BA.N slipped 2.1% in premarket trading after the company flagged a larger-than-expected Q3 loss on Friday. Itsaid it would cut 17,000 jobs and delay first deliveries of its 777X jet by a year.
Investment bank B. Riley Financial RILY.O leapt 21.3% after thecompany said it hadagreed to sell its unit, Great American Group, to asset management firm Oaktree Capital in a $386-million deal.
U.S.-listed shares of Chinese firms dropped, with Alibaba BABA.Ndown 1.8% and PDD Holdings PDD.O losing 2.2%, as investors were left guessing on the size of the overall fiscal stimulus China announced onSaturday.
VF Corp VFC.N fell 3.9% after Wells Fargo downgraded the apparel retailer to "underweight" from "equal weight".
Cryptocurrency-linked stocks such as Coinbase COIN.O gained 2.6%, Riot Platforms RIOT.O added 3.6% and MicroStrategy MSTR.O was up 5.3%, tracking bitcoin BTC= gains.
S&P 500 forward price-to-earnings ratio https://tmsnrt.rs/488LnSw
Reporting by Lisa Mattackal and Purvi Agarwal in Bengaluru; Editing by Pooja Desai
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