Dow futures edged higher as Wall Street tries to build on its best week since June

Traders on the floor of the NYSE, October 21, 2022.

Source: NYSE

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 91 points, or 0.3%. S&P 500 futures and Nasdaq 100 futures gained 0.3% and 0.1%, 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%.

“The equity market is trying to make a bottom to move into the last phase of the bear market,” David Donabedian, chief investment officer at CIBC Private Wealth US, said in a note on Friday. “It feels like a two-way market right now. There’s a tug-of-war between the skeptics and those who think it’s time to own the stock.”

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.

Tech has more big earnings reports in the coming week, including from tech giants like Apple, letters, Amazon And Microsoft. Wall Street will also watch for inflation data – on Monday, the October manufacturing and services purchasing managers’ indices will be released.

Leave a Reply

Your email address will not be published.