Stock futures edge up, coming off worst-ever start to a year

U.S. stock index futures were slightly higher on Monday, with Wall Street coming off its worst-ever start to a year and ahead of the start of corporate earnings season.

* Global stocks were mixed with jittery investors looking for stability after last week’s bruising start to the year due to declining oil prices and mounting worries about global economic growth.

* The S&P 500 slid 6 percent and the Nasdaq dropped 7.3 percent last week.

* Not even a surge in U.S. nonfarm payrolls in December stemmed the bleeding, as investors went on the defensive over increasing worries about Beijing’s ability to manage the world’s second-biggest economy.

* “The Chinese situation sets the agenda right now in combination with oil prices,” said Hans Peterson, global head of asset allocation at SEB investment management.

* Crude oil fell for the sixth session in a row on Monday, hovering near 12-year lows, with China’s slowing growth dashing hopes of a rise in demand this year.

* U.S. corporate results will likely add to the pessimism, with wide expectations of an earnings recession – two quarters of falling profits – led by energy and materials companies.

** Alcoa is scheduled to report fourth quarter results after the close.

* Overall, fourth-quarter corporate earnings are expected to decline 4.2 percent, according to Thomson Reuters I/B/E/S.

* Shares of Under Armour fell after 4.3 percent to $71.80 after Morgan Stanley cut its rating and price target on the stock.

* Apple was up 0.9 percent at $97.85. The company’s music streaming service hit the 10 million-subscriber mark in six months, the Financial Times reported. The stock fell nearly 8 percent last week.

* Qiagen’s U.S.-listed shares sank 12.1 percent to $22.47 after the German genetic testing specialist warned on its 2015 profit.

Futures snapshot at 6:41 a.m. ET:

* Dow e-minis were up 67 points, or 0.41 percent, with 70,194 contracts changing hands.

* S&P 500 e-minis were up 10 points, or 0.52 percent, with 354,749 contracts traded.

* Nasdaq 100 e-minis were up 17.75 points, or 0.42 percent, on volume of 71,073 contracts.

(Reporting by Abhiram Nandakumar in Bengaluru- Editing by Savio D’Souza)