Stock futures were little changed as Wall Street braced for a busy week in terms of earnings, Fed meeting

Traders on the NYSE, July 6, 2022.

Source: NYSE

U.S. stock futures were little changed on Sunday night, suggesting a positive week for key averages, as traders brace for their busiest week in terms of corporate earnings, as well. like understanding more rate hikes from the Federal Reserve.

Dow Jones Industrial Average futures fell 45 points, or 0.14%. S&P 500 futures fell 0.11% and Nasdaq 100 futures fell 0.01%.

On Friday, key averages fell as weaker-than-expected earnings from Snap sent tech stocks plunging. The Dow lost 137.61 points, or 0.43%. The S&P 500 fell 0.93% to 3,961.63, while the Nasdaq Composite traded 1.87% lower at 11,834.11.

However, all three benchmarks closed higher for the week, with the Dow up 2%. The S&P 500 is up about 2.6% and the Nasdaq cap for the week is up 3.3%.

Investors turned to riskier assets last week after absorbing some strong business results that left Wall Street pondering whether the bear market had found a bottom.

“Stocks have managed to produce a bullish MTD and break through the wall of worries. The rally has been led by growth and cyclical stocks, which have helped end-of-year yields be more stable, thus reducing the downside. pressure on P/E,” Barclays’ Emmanuel Cau wrote in a Friday note.

Select stocks and investment trends from CNBC Pro:

“This confirms to us that the focus of the market has shifted from inflation worries to growth worries, in the sense that bad news is turning into good news.”

As of Friday, about 21% of companies in the S&P 500 had reported earnings. Of those, nearly 70% beat analyst expectations, according to FactSet.

Investors are looking forward to an upcoming week of piling up earnings that will include reports from major tech giants like Alphabet, Amazon, Apple and Microsoft.

The Federal Reserve on Wednesday will also wrap up its two-day policy meeting. Economists are expecting a three-quarter point rally.

Source link


News7F: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button