As traders anticipated the announcement of corporate profits from titans of the tech industry, stock futures edged up on Monday morning.
The Dow Jones Industrial Average futures gained 49 points, or 0.15%, today. The prices of the Nasdaq 100 futures and the S&P 500 futures both increased.
The actions follow a difficult week for stocks, during which worries about rising interest rates put all three major indices into negative territory. The S&P 500 posted its first negative week in three with a 2.4% decline at the week’s end. In its second straight losing week, the Nasdaq Composite fell 3.2% and the Dow Jones Industrial Average dropped 1.6%.
For the first time since July 2007, the benchmark 10-year U.S. Treasury’s yield surpassed the crucial 5% mark on Thursday. After signalling hawkish message in a speech at the Economic Club of New York, Federal Reserve Chairman Jerome Powell made the decision.
The earnings season picks off this week with a number of major IT giants expected to report. Alphabet, Amazon, Meta, and Microsoft are expected to deliver results that are crucial for the stock market, thus investors will be anticipating these outcomes.
Source (CNBC)
