Monday Morning Market Roundup: Here Comes Earnings Season

Here’s what’s shaking:

Stocks:

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U.S. stock futures are building on gains from Friday's no-growth jobs report as Wall Street turns its attention to the traditional start of earnings season.

Dow Jones industrial average futures are up 68 points at 15,144. The broader Standard & Poor's 500 futures are up 9.20 points at 1,636.50. Nasdaq futures are up 18 points to 2,974.

Aluminum giant Alcoa Inc.'s quarterly earnings report, expected after the markets close Monday, kicks off the summer earnings season.

The overall corporate earnings outlook has dimmed. Analysts now predict that second-quarter earnings for companies in the Standard & Poor's 500 rose 3 percent compared with a year earlier, according to a survey by S&P Capital IQ. But as recently as April 1, they predicted a gain of nearly 7 percent.

Oil:

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The price of oil edged below $103 a barrel on Monday, backing off strong gains made last week, when a stronger-than-expected jump in U.S. hiring suggested demand for fuels will increase.

By early afternoon in Europe, benchmark crude for August delivery was down 45 cents at $102.77 in electronic trading on the New York Mercantile Exchange.

The contract on Friday jumped $1.98 to close at $103.22 after Friday’s jobs report.

Oil has also been pushed higher in recent days by instability in Egypt, where Mohammed Morsi was ousted as president by the military last week.

Egypt is not an oil producer, but its control of the Suez Canal, one of the world's busiest shipping lanes, gives it a crucial role in maintaining global energy supplies.

The price of oil was weighed down slightly on Monday by the rising value of the dollar, which makes crude - which is denominated in the U.S. currency - more expensive for international investors.

Brent crude was down 81 cents at $106.91 a barrel on the ICE futures exchange in London.