Dow futures haven’t changed much ahead of Big Week earnings

US stock index futures remained largely unchanged during Sunday night trading after the main average recorded the highest week in months at the start of a stronger than expected earnings season.

Futures contracts related to the Dow Jones Industrial Average fell by just 23 points. S & P 500 futures fell 0.1%, while Nasdaq 100 futures fell 0.2%.

The main average is Winning week.. The Dow rose 382 points on Friday, ending the week with a 1.58% rise in the highest week since June. The S & P 500 rose 1.82% last week, the highest week since July, while the Nasdaq Composite was the highest week since the end of August and the tech heavy index rose 2.18%.

In addition to More than expected revenue from Goldman Sachs On Friday, positive economic data also pushed up stock prices. Retail sales increased 0.7% In September, the Census Bureau announced on Friday, but economists surveyed by Dow Jones expected a 0.2% drop.

“Wall Street was expecting a slowdown in spending, but it turned out not to confuse US consumers,” said Edward Moya, senior market analyst at Oanda. “Consecutive months of better-than-expected retail sales data show consumers appearing stronger towards the holiday season,” he added.

The profit season is in full swing, and many celebrities next weekIncludes Tuesday’s Netflix, Johnson & Johnson, United Airlines, Procter & Gamble. Tesla, Verizon and IBM are among the other names in this week’s deck.

To date, 41 S & P 500 components have reported third-quarter results, 80% of which are above EPS expectations, according to FactSet data. According to FactSet, taking into account the companies already reported and the remaining estimates, third-quarter profit growth totals 30%, and S & P 500 companies have the third highest quarterly growth since 2010. ..

Strong results from the first week of earnings, including the largest banks, pushed the key averages within an astonishing distance to their all-time highs. The Dow is less than 1% from its all-time high, but the S & P 500 and Nasdaq Composite are 1.6% and 3.3% below their all-time highs, respectively.

As the earnings season gets into full swing, investors will pay particular attention to corporate commentary on supply chain bottlenecks and inflation.

“Growth in 2022 is likely to be boosted by the delayed impact of monetary stimulus, the surge in consumer net worth, the resumption and the delayed impact of inventory restructuring,” Evercore ISI Chairman Ed Heymann told clients on Sunday. I wrote in the memo to. “Supply chain problems are likely to be mitigated, and unmet demand from this year is likely to be met next year. Wages could rise and boost consumer income,” he adds. rice field.

Bitcoin was down from its recent highs, but exceeded $ 60,000 on Sunday, according to Coin Metrics data.This is the first Bitcoin futures exchange traded fund Start trading this week..

Bitcoin rose on Friday in anticipation of such a list coming.World’s largest cryptocurrency Over $ 60,000 last week For the first time since April, it traded at a high of $ 62,307.

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Dow futures haven’t changed much ahead of Big Week earnings

Source link Dow futures haven’t changed much ahead of Big Week earnings

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