Futures mixed before earnings-heavy week; key economic data on tap
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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 0.17%, S&P 500 up 0.15%, Nasdaq up 0.25%
Updated at 07:10 a.m. ET/1110 GMT
By Lisa Pauline Mattackal and Purvi Agarwal
Oct 14 (Reuters) - U.S. stock index futures were mixed on Monday as investors geared up for a week packed with third-quarter earnings reports and economic data that will likely test stretched stock market valuations.
Dow E-minis 1YMcv1 were down 72 points, or 0.17%, S&P 500 E-minis EScv1 were up 8.5 points, or 0.15%, and Nasdaq 100 E-minis NQcv1 were up 50.75 points, or 0.25%.
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.
Still, with stock valuations stretched - the S&P 500 is trading at 21.7 times forward earnings, versus a long-term average of 15.7 - companies will be forced to justify them and satisfy investors.
"While the bar for earnings overall (is) beating estimates, valuations remain lofty," said Marc Ostwald, chief economist & global strategist at ADM Investor Services International.
There would be "a very big focus" on AI investment and the extent to which companies might delay capital expenditure, among other metrics, due to uncertainty around the outcome of the upcoming U.S. election, Ostwald said.
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 LSEG data on Friday.
Investors will also watch for crucialeconomic data this week, notably September retail sales, which are 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 after a string of strong labor market data, bets on a 25-basis-point reduction havestayed largely intact at 86.1%, according to the CME Group's FedWatch tool.
Among single movers, planemaker Boeing BA.N slipped 2.1% in premarket trading after the company flagged a larger-than-expected Q3 loss on Friday and said 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 17.5% 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 such as Alibaba BABA.N and PDD Holdings PDD.O slipped more than 2% each as investors were left guessing on the size of the overall fiscal stimulus China announced onSaturday.
VF Corp VFC.N fell 3.1% after Wells Fargo downgraded the apparel retailer to "underweight" from "equal weight".
Cryptocurrency-linked stocks such as Coinbase COIN.O gained 3.9%, Riot Platforms RIOT.O added 3.5% and MicroStrategy MSTR.O was up 4.7%, tracking gains in Bitcoin BTC=.
Reporting by Lisa Mattackal and Purvi Agarwal in Bengaluru; Editing by Pooja Desai
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