Major U.S. stock indexes are poised to open higher Monday as investors prepare for earnings reports from major technology companies and the release of important economic indicators in the coming days.
Futures tied to the Dow Jones Industrial Average and S&P 500 were up 0.3% and 0.4%, respectively, while those linked to the Nasdaq were up 0.6%, setting the stage for the tech-heavy index to hit a fresh all-time high Monday. Major indexes turned in a mixed performance on Friday, with the Dow losing ground for the fifth straight day, the S&P 500 closing fractionally lower and the Nasdaq adding 0.6%.
Large-cap technology stocks were higher across the board in premarket trading Monday, led by shares of Alphabet (GOOGL), which were up 2%. Nvidia (NVDA), Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), Meta Platforms (META) and Broadcom (AVGO) were also gaining ground.
Shares of Telsa (TSLA) were slightly higher ahead of the bell Monday, after gaining 25% over the previous two sessions following a better-than-expected earnings report.
The earnings reporting calendar is relatively light on Monday but picks up significantly the remainder of the week. Quarterly results are coming this week from ‘Magnificent 7’ members Apple, Microsoft, Alphabet, Meta and Amazon, as well as Intel (INTC), Advanced Micro Devices (AMD), McDonald’s (MCD), Eli Lilly (LLY), ExxonMobil (XOM), Starbucks (SBUX) and many other noteworthy companies.
Shares of oil companies were moving lower ahead of the opening bell Monday as crude prices fell more than 5% after Israel avoided hitting energy facilities in its latest strike on Iran. Shares of ExxonMobil (XOM), Chevron (CVX), Valero Energy (VLO) and Diamondback Energy (FANG).
The yield on 10-year Treasurys, which is sensitive to expectations around where interest rates are headed, rose to another three-month high this morning. The yield, which stood at 4.25% recently after moving as high as 4.29%, has been rising as market participants recalibrate their expectations about how aggressive the Federal Reserve will be in cutting its benchmark lending rate.
Market participants are awaiting key readings this week on monthly inflation and quarterly GDP growth, as well as the crucial October jobs report that’s due on Friday. Investors are looking for signs that the economy remains on sound footing, as well as information that could influence the Fed’s upcoming decisions on interest rates.
Gold futures were down slightly at around $2,745 an ounce early Friday, while bitcoin rose to near $69,000, trading around its highest levels of the month.