April 19, 2016 / 11:17 AM / 2 years ago

US STOCKS-Futures higher as oil rebounds

* Futures up: Dow 50 pts, S&P 9 pts, Nasdaq 31.25 pts

By Abhiram Nandakumar

April 19 (Reuters) - U.S. stock index futures were higher on Tuesday, tracking a rise in crude after a strike by oil workers in Kuwait affected production from the OPEC country.

* Brent rose 2 percent, shrugging off Sunday’s failed talks among major producers to tackle a global oversupply.

* Wall Street rallied on Monday, with the Dow Jones industrial average closing above the 18,000 mark for the first time since July. The S&P 500 closed just 40 points below the record high it touched last May.

* A rebound in crude, some signs of a slow recovery in the U.S. economy and the Federal Reserve’s caution over raising interest rates have helped stocks rally in the last two months.

* While U.S. corporate earnings are seen as a swing factor for the stock market, expectations are bleak.

* First-quarter earnings at S&P 500 companies are expected to fall 7.7 percent on average, and revenue by 1.3 percent, according to Thomson Reuters I/B/E/S.

* Data on Tuesday is expected to show U.S. housing slowed in March, after sharply rising the previous month. The report is due at 8:30 a.m. ET (1230 GMT).

* Netflix shares were down 8.2 percent at $99.50 premarket after the video streaming service’s subscriber forecast missed estimates.

* IBM fell 4.6 percent to $145.50 after it reported its worst quarterly revenue in 14 years.

* Johnson & Johnson rose 1 percent to $112 after it reported a marginal growth in quarterly sales.

* Ebay fell 2 percent to $24.81 after Morgan Stanley downgraded it to “underweight”.

* Goldman Sachs is due to report results before the bell.

Futures snapshot at 6:47 a.m. EDT:

* Dow e-minis were up 50 points, or 0.28 percent, with 30,053 contracts changing hands.

* S&P 500 e-minis were up 9 points, or 0.43 percent, with 172,186 contracts traded.

* Nasdaq 100 e-minis were up 31.25 points, or 0.69 percent, on 22,870 contracts. (Reporting by Abhiram Nandakumar in Bengaluru)

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