Nucor earnings beat by $0.08, revenue fell short of estimates
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* Apple rises as JP Morgan lifts shipment volume forecast
* Mallinckrodt up on opioid settlement with Ohio counties
* UnitedHealth slips after downgrade from BMO Capital
Markets
* Futures up: Dow 0.07%, S&P 0.08%, Nasdaq 0.16%
(Adds quote, details; updates prices)
By Medha Singh
Sept 30 (Reuters) - Advances in some of the biggest
technology companies were set to lift Wall Street's main indexes
on Monday, as investors looked past last week's reports that
Washington was considering delisting Chinese companies from U.S.
stock exchanges.
Apple Inc AAPL.O was the biggest gainer among Dow-listed
.DJI stocks before the bell, as JP Morgan raised its iPhone
shipment volume forecast. Microsoft Corp MSFT.O climbed 0.2%.
Still, the main indexes were on course to end the quarter
with their worst performance so far this year, with sentiment
swinging wildly due to developments in the U.S.-China trade war
and mixed indications from domestic economic data.
Reports about the United States curbing Chinese companies'
access to U.S. capital markets sparked a sell-off on Friday,
with the S&P 500 .SPX and Nasdaq .IXIC hitting a more than
three-week low during the session.
However, on Monday, White House trade adviser Peter Navarro
dismissed the reports as "fake news." "If the U.S. goes down this road, it could have some serious
repercussions," said Robert Pavlik, chief investment strategist
at SlateStone Wealth LLC in New York.
"It could possibly lead to the Chinese selling U.S.
treasuries and could put pressure on the Treasury market, so it
needs to be well thought out before being executed."
China was the second largest owner of U.S. Treasuries in
July, behind Japan, but its holdings were the smallest since
April 2017. The third quarter witnessed an escalation in trade tensions
between the world's two largest economies, the inversion of an
important part of the U.S. yield curve, a second U.S. interest
rate cut and political turmoil in Washington.
The S&P 500 and Dow are on track for their smallest
percentage gain in three quarters, with the Nasdaq heading for a
marginal decline.
The benchmark index is now more than 2% away from its record
high hit in July.
At 8:59 a.m. ET, Dow e-minis 1YMcv1 were up 20 points, or
0.07%. S&P 500 e-minis EScv1 were up 2.25 points, or 0.08% and
Nasdaq 100 e-minis NQcv1 were up 12.25 points, or 0.16%.
In a bright spot, drugmaker Mallinckrodt MNK.N rose
4%after finalizing a settlement with Cuyahoga and Summit
counties in Ohio in connection with opioid-related lawsuits.
UnitedHealth Group UNH.N slipped 0.8% after BMO Capital
Markets downgraded the stock to "market perform." The focus this week will be on economic reports, including a
pivotal jobs report and the September ISM purchasing managers
index (PMI). August's PMI data showed a contraction in the
manufacturing sector.