Stock Index Futures Point To A Subdued Open On Wall Street

  1. Futures set to open lower

U.S. stock index futures point to a lower open Monday, as investors look to the start of first quarter reporting season. Wall Street this week will be welcoming the start of corporate earnings that begin in earnest with Wells Fargo & Co. (NYSE: WFC) and JPMorgan Chase & Co. (NYSE: JPM) on Friday.

At 06:20 a.m. ET, futures on the blue-chip Dow were down 56 pints, or 0.21% to 26,338. Futures on the S&P 500 traded 2.38 points lower, or 0.08% to 2,893.62, while those on the tech-heavy Nasdaq 100 traded were also in negative territory.

  1. Pinterest sets IPO price range

Pinterest has set the price range of its initial public offering at $15 to 17 per share for a sale of 75 million shares. At the upper end of its target range, the online image-search company could raise round $1.3 billion in net proceeds and would have a valuation of $9 billion.

Pinterest was valued at roughly $12 billion in 2017 after selling its shares to pre-IPO investors at a price of $21.54 apiece. The startup will kick off its IPO roadshow today ahead of its eagerly-awaited public offering. Its shares are expected to begin trading on the New York Stock Exchange next week, using the ticker symbol “PINS.”

  1. Trump urges Fed to lower interest rates

President Donald Trump told reporters on Friday that the Federal Reserve should drop interest rates. “They really slowed us down,” he said. “There’s no inflation.” The president made the comments shortly after the Labor Department reported a higher-than-anticipated rise in payrolls for March with employers adding 196,000 jobs.

Trump also called on the central bank the take additional steps aimed at stimulating economic growth. His economic advisers have predicted that the economy will speed up this year, though most economists expect it to slow.

  1. BofA downgrades Boeing shares

Boeing (NYSE: BA) shares were down $16.93, or 4.32% to $375.00 in pre-market trading after BofA/Merrill Lynch analyst Ronald Epstein downgraded the stock from Buy to Neutral.

Epstein lowered the price target of the stock from $480.00 to $420.00. On Friday, Boeing said it would cut production of the 737 Max in the wake of two deadly crashes that have raised serious concerns over the safety of the aircraft.

The analyst says that the troubles of 737 Max 8 planes will disrupt operations of the aerospace giant for a period of 6 to 9 months, compared with 3 to 6 previously. Boeing 737 Max 8 planes account for 40% of the company’s EBIT, making it the most profitable model.