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* Futures up: Dow 0.54%, S&P 0.42%, Nasdaq 0.58%
By Medha Singh and Devik Jain
July 13 (Reuters) - U.S. stock index futures rose on Monday
as Pepsi kicked off the second-quarter earnings season on a
bright note, with a multi-billion dollar semiconductor deal also
lifting the mood.
Analog Devices Inc ADI.O rose 0.9% in premarket trading as
it offered to buy peer Maxim Integrated Products Inc MXIM.O
for $20.91 billion in an all-stock deal. Maxim shares jumped
17%. Pepsi Co PEP.N gained 2.1% as it benefited from a surge in
at-home consumption of salty snacks such as Fritos and Cheetos
during lockdowns. The strong results offered some cheer as investors are
bracing for what could be the sharpest drop in quarterly
earnings for S&P 500 firms since the financial crisis, according
to IBES Refinitiv data. Results from big banks will be in focus
this week.
The April-June reports will reveal the extent of the damage
wreaked by the coronavirus-induced lockdowns on corporate
profits. With a record jump in cases in the United States and
some other hotspots around the world, analysts have predicted a
return to S&P 500 earnings growth only by 2021.
Recent economic data, however, has pointed to a revival in
business activity, helping the Nasdaq clinch its sixth record
close in seven weeks on Friday as broader markets rose on
positive data from Gilead's potential COVID-19 treatment.
The S&P 500 is about 6% below its own record high hit in
February.
At 6:23 a.m. ET, Dow e-minis 1YMcv1 were up 139 points, or
0.54%. S&P 500 e-minis EScv1 were up 13.5 points, or 0.42% and
Nasdaq 100 e-minis NQcv1 were up 62.75 points, or 0.58%.