May 15, 2017 / 11:27 AM / 2 years ago

US STOCKS-Futures slightly higher as oil prices jump

* Futures: Dow up 35 pts, S&P up 2.25 pts, Nasdaq off 1.25 pts

By Tanya Agrawal

May 15 (Reuters) - U.S. stock index futures were slightly higher on Monday as a rise in oil prices offset concerns over a massive cyber attack that locked up 200,000 computers in more than 150 countries.

* Oil hit a three-week high after top exporter Saudi Arabia and Russia said supply cuts needed to last into 2018, a step towards extending an OPEC-led deal to support prices for longer than originally agreed.

* Shares of oil majors Exxon and Chevron edged up 0.4 percent in premarket trading.

* Investors seemed to mostly shrug off fears from a successful missile test by North Korea and a cyberattack that disrupted operations at car factories, hospitals, shops and schools.

* Shares of cybersecurity firms such as Fireye, Symantec, Palo Alto Networks and Cyberark Software were all up.

* Wall Street slipped on Friday, ending the week lower as tepid economic data weighed on banks and worries deepened over department stores.

* Wall Street was gripped by risk-averse sentiment last week after President Donald Trump unexpectedly fired the FBI chief, the potential fallout from which could delay Trump’s pro-growth goals to cut taxes and boost spending on infrastructure.

* The new administration’s agenda, which is seen favoring the economy, has sent the S&P 500 soaring about 12 percent since the election with the index trading at 17.6 times expected earnings, higher than its 10-year average of 14.2.

* Soft retail sales and monthly inflation data on Friday raised concerns about slow economic growth.

* The tepid economic data comes on the heels of a strong quarterly earnings season where earnings at S&P 500 companies are expected to grow 14.5 percent - their best showing since 2011, according to Thomson Reuters I/B/E/S.

* The NAHB Housing Market Index for May, is expected to remain unchanged at 68 from the month before. The data is expected at 10 a.m. ET (1400 GMT).

* Tesla was down 2.7 percent at $316 after Morgan Stanley downgraded its rating on the electric-car maker’s stock.

Futures snapshot at 7:04 a.m. ET:

* Dow e-minis were up 35 points, or 0.17 percent, with 19,434 contracts changing hands.

* S&P 500 e-minis were up 2.25 points, or 0.09 percent, with 105,469 contracts traded.

* Nasdaq 100 e-minis were down 1.25 points, or 0.02 percent, on volume of 21,181 contracts. (Reporting by Tanya Agrawal; Editing by Saumyadeb Chakrabarty)

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