Futures dip after S&P 500, Dow hit record closing highs

(Reuters) – U.S. stock index futures eased on Monday after the S&P 500 and the Dow closed at record highs in the previous session, while investors geared up for quarterly earnings reports from Coca-Cola and IBM.

The world’s largest soda maker dipped 0.4% premarket ahead of its first quarter report. Technology company IBM is slated to post its results after markets close.

About 79 S&P 500 companies are due to report earnings this week including Johnson & Johnson, Netflix Inc, Intel Corp, Honeywell and Schlumberger, according to Refinitiv IBES data.

Shares of big U.S. lenders dipped on Monday after a surge in their quarterly profits last week bolstered bets on a strong economic rebound and helped Wall Street’s main indexes climb.

A pullback in the benchmark 10-year bond yield from 14-month highs in April has also eased worries about higher borrowing costs, renewing interest in richly valued technology stocks.

At 06:27 a.m. ET, Dow E-minis were down 75 points, or 0.22%, S&P 500 E-minis were down 6.75 points, or 0.16%, and Nasdaq 100 E-minis were down 12.25 points, or 0.09%.

GameStop Corp jumped 6.5% premarket after Keith Gill, the man known as “Roaring Kitty” on social media and whose online posts helped spark the recent retail frenzy in the video game retailer, exercised call options to acquire 50,000 more shares of the company.

Crypto stocks including miners Riot Blockchain and Marathon Digital dropped 8.3% and 6.7% after bitcoin plunged as much as 14% over the weekend.

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