U.S. stock futures rose slightly on Monday as traders tried to add to sharp gains seen last week.
Futures for the Dow Jones industrial average rose 258 points, or 0.8%. S&P 500 futures and Nasdaq 100 futures gained 0.8% and 0.6%, respectively.
The moves come after another volatile week for stocks as the third-quarter earnings season heats up. The major averages had their biggest weekly gains since June, with the Dow advancing 4.9%. The S&P 500 and Nasdaq rose 4.7% and 5.2%, respectively.
Part of those gains came on Friday, when the Dow rallied more than 700 points, while the S&P 500 and Nasdaq each rose 2.3%.
Investors will look at the returns of tech companies like Apple, letters, Amazon And Microsoft This week. Wall Street will also watch for inflation data, with October manufacturing and services purchasing managers’ indexes due on Monday.
“The S&P 500 rose +4.7% for the week, with energy/materials and technology outperforming and defense sectors outperforming, reversing a broad-based trend since early August,” Raymond James analyst Davis McCourt said in a Sunday note. “Whether the rally is sustainable, or to what extent, is unknown, but the reasons appear to be EPS corrections, which look better than feared so far (like 2Q). May end in early 2023.”
So far, earnings reports have had mixed results for stocks. On Friday, banking stocks Goldman Sachs and JPMorgan Chase gained more than 4% after the results report. But not all results were positive — Snap lost 28% after reporting a revenue miss.
“Lifelong social media lover. Falls down a lot. Creator. Devoted food aficionado. Explorer. Typical troublemaker.”