* JPMorgan, Citi and Wells Fargo to report results on
* Brent crude rises above $55/barrel
* Straight Path soars after deal to be bought by AT&T
* Futures up: Dow 12 pts, S&P 2.5 pts, Nasdaq 3.5 pts
(Adds details, comments, updates prices)
By Yashaswini Swamynathan
April 10 U.S. stocks looked set to open slightly
higher on Monday as oil prices rose and investors awaited
earnings from big banks to kick off the first-quarter earnings
season later this week.
JPMorgan, Citigroup and Wells Fargo
are scheduled to report quarterly earnings on Thursday and could
throw light on the U.S. banking industry's performance after a
strong finish in the fourth quarter.
Investors are keenly watching the quarterly results to
justify lofty market valuations following a post-election rally,
sparked off by bets that President Donald Trump would introduce
Earnings of S&P 500 companies are estimated to have risen
10.1 percent in the first three months of the year, the most
since the fourth-quarter of 2014. The index is currently trading
at 17.4 times forward earnings estimates, above its long-term
average of 15, according to Thomson Reuters I/B/E/S.
"It looks like the start of a quiet holiday week after an
underwhelming Friday, where much could have happened but
didn't," said Andre Bakhos, managing director at Janlyn Capital
in Bernardsville, New Jersey.
"Unless there is a significant headline to derail what looks
to be a quiet morning, I think the focus is going to be on
earnings and what the companies say."
Thursday will be the last trading day of the week on Wall
Street ahead of the Good Friday holiday.
Dow e-minis were up 12 points, or 0.06 percent, at
8:27 a.m. ET (1227 GMT), with 19,034 contracts changing hands.
S&P 500 e-minis were up 2.5 points, or 0.11 percent,
with 124,848 contracts traded.
Nasdaq 100 e-minis were up 3.5 points, or 0.06
percent, on volume of 19,954 contracts.
Oil prices rose more than 1 percent on Monday, with Brent
crude moving above $55 per barrel following a shutdown
at Libya's largest oilfield and tension over Syria after a U.S.
Federal Reserve Chair Janet Yellen is scheduled to speak in
Michigan after markets close. Investors will be looking to clues
on the central bank's plans to trim its $4.5 trillion balance
sheet after recent comments from Fed officials.
Shares of Straight Path Communications surged more
than two-fold to $92.99 premarket after AT&T said it would
buy the company for $95.63 per share in an all-stock deal.
Swift Transportation rose 14.4 percent to $22.90
after it announced a merger with fellow trucking company Knight
Transportation. Knight's shares were up 2.6 percent.
Generic drugmaker Akorn was up 11 percent at $32.99
after confirming that it was in talks to be bought by German
healthcare group Fresenius.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by