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Traders work on the floor of the New York Stock Exchange (NYSE) on October 20, 2023 in New York City.
Spencer Platt | Getty Images
Stock futures ticked higher on Sunday night as traders looked ahead to the release of corporate earnings from tech industry behemoths.
Futures tied to the Dow Jones Industrial Average rose 59 points, or 0.18%. S&P 500 futures and Nasdaq 100 futures climbed 0.23% and 0.15%, respectively.
The moves follow a tough week for stocks, as concerns over higher interest rates sent all three major indexes into negative territory. The S&P 500 ended the week 2.4% lower, notching its first losing week in three. The Dow Jones Industrial Average shed 1.6%, while the Nasdaq Composite slumped 3.2% to register its second losing week in a row.
The yield on the benchmark 10-year U.S. Treasury climbed above the key 5% level on Thursday for the first time since July 2007. The move came after Federal Reserve Chairman Jerome Powell signaled hawkish messaging in a speech at the Economic Club of New York.
Earnings season ramps up this week, with a slew of big tech titans slated to report. Investors will anticipate results from Alphabet, Amazon, Meta and Microsoft to provide key information for the stock market.
“We’re hopefully going to see some continued positive strength there on the economy and what they see going forward,” said Ryan Detrick, chief market strategist at Carson Group. “The headlines are scary, for sure. But the fundamentals to us are pretty strong. We’re still seeing earnings season that’s going to come in better than expected.”
Traders are also bracing for key economic data to be released this week, including Thursday’s third-quarter advance report for the U.S. gross domestic product. The personal consumption expenditure, an inflation yardstick, is due for release on Friday. Investors are worried that if these reports come out stronger than expected, yet another rate hike may not be completely off the table this year.
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