Investing.com -- U.S. futures are pegged to open lower Monday, with few new catalysts to justify adding to last week’s gains, and more than enough reason to be cautious ahead of the looming earnings season.
At 06:45 AM ET (10.45 GMT) the S&P 500 futures contract was down 3.4 points or 0.1%, the Dow futures contract was down 71 points, or 0.3%, while the tech-heavy Nasdaq 100 contract was down 6.4 points, or 0.1%.
Pinterest (NYSE:PINS) has set its IPO bookbuilding range at $15-$17. The midpoint is over 20% below the $21.54 level at which it last raised funds. The range is a sign of caution among investors who witnessed a rocky first week for fellow tech-unicorn Lyft (NASDAQ:LYFT). Lyft, however, is set to open Monday at its highest level since debut day.
The biggest eye-catcher in premarket trade is Boeing (NYSE:BA), which has fallen 4.4% in response to news that it will cut production of its 737 MAX, amid negative news flow on software issues after two fatal crashes. It’s the first time the company has cut production of the 737 since the 9/11 attacks in 2001.
General Electric (NYSE:GE) is set to open at a one-month low, down 6.6% after a downgrade from JPMorgan analyst Stephen Tusa.
Tesla (NASDAQ:TSLA) is up 1.5% on news that Fiat Chrysler (NYSE:FCAU) would pay it an undisclosed sum for carbon dioxide credits under an EU scheme that aims to cap average CO2 emissions at 95 grams a kilometer. The income will be a welcome boost for Tesla, which was coy about its cash position last week when it reported a sharp drop in first-quarter deliveries.
Elsewhere, crude oil prices hit a new five-month high as the forces of warlord Khalifa Haftar overran more of Libya, threatening to curtail exports from a key oil terminal. The news has underpinned oil and gas stocks in Europe. The benchmark U.S. crude oil futures contract was at $63.39 a barrel, up some 0.5% from late Friday's levels.
Gold prices are also pushing higher, adding 0.5% to $1,301.55 a troy ounce on reports on Sunday that China's central bank added to its reserves for the fourth month in a row.