Stock futures rose on Wall Street on Sunday night, as traders looked forward to corporate earnings announcements from technology industry giants.
Futures rose on the Dow Jones Index by 0.18%, the Standard & Poor's 500 Index by 0.23%, and the Nasdaq Index by 0.15%.
The moves come on the heels of a tough week for stocks, as concerns about rising interest rates sent all three major indexes into negative territory.
The Standard & Poor's 500 ended last week down 2.4%, posting its first weekly loss in three weeks. The Dow Jones index fell 1.6%, and the Nasdaq index fell 3.2%, recording its second losing week in a row.
For his part, the US 10-year bond yield rose above the key level of 5% on Thursday for the first time since July 2007. This move came after Federal Reserve Chairman Jerome Powell indicated hawkish messages in a speech at the Economic Club of New York. .
The earnings season is picking up pace this week, with a large number of major technology giants scheduled to announce their results. Investors will expect results from Alphabet, Amazon, Meta, and Microsoft.
“Hopefully we'll see some continued positive strength there in the economy and what they see going forward... the global headlines are certainly scary, but the fundamentals for us are very strong,” said Ryan Detrick, chief market strategist at Carson Group. We continue to see earnings season coming in better than expected.
Traders are also preparing for the release of key economic data this week, including the US third-quarter GDP advance report on Thursday.
The personal consumption expenditures report, a measure of inflation, is scheduled for release on Friday. Investors are concerned that if these reports come in stronger than expected, another rate hike may be completely off the table this year.
