Stock futures rise with Nasdaq set to add to records as oil prices decline
U.S. equity futures jumped on Monday morning as investors looked for a batch of megacap technology earnings to keep driving the Nasdaq Composite to new heights this week. A cooling geopolitical situation also aided risk sentiment.
Weekend airstrikes by Israel against Iran did not target oil or nuclear facilities as was feared and oil futures were lower in early trading.
Futures tied to the Dow Jones Industrial Average added 179 points, or 0.42%. S&P 500 futures gained 0.53% and Nasdaq 100 futures increased by 0.73%.
The market was split at the end of last week. On Friday the tech-heavy Nasdaq Composite jumped to a new intraday all-time high, rising 0.56% to close at 18,518.61. On the flip side, the Dow shed 259.96 points, or 0.61%, to close at 42,114.40. The broad-market S&P 500 inched lower by 0.03% to 5,808.12.
Both the Dow and S&P snapped a six-week winning streak, but the Nasdaq eked out its seventh positive week in a row.
Wall Street is bracing for a big week in markets that will mark busiest week of third-quarter earnings reporting season and the final week before the Nov. 5 U.S. Presidential election. Five of the Magnificent Seven companies – Alphabet, Microsoft, Meta Platforms, Amazon and Apple – are scheduled to report third-quarter earnings.
Source: CNBC
