Traders work on the New York Stock Exchange trading floor during early trading in New York City.
Michael M. Santiago | Michael M. SantiagoGetty Images
Stock futures were little changed on Monday as investors waited to assess whether the next batch of key corporate earnings reports could propel the market to more records.
Dow Jones Industrial Average futures fell 0.2%. S&P 500 futures rose 0.2% and Nasdaq 100 futures rose 0.4%.
Bank of America, Goldman Sachs and Johnson & Johnson The latest results will be released before the market opens on Tuesday, while Morgan Stanley and United Airlines Results will be announced on Wednesday. Walgreens Boots Alliance, Netflix and Procter & Gamble It is also scheduled to report earnings this week.
These reports will be released at a later date JPMorgan Chase and Wells Fargo Kicked off the third-quarter earnings season on a high note. Early signs of a recovery in banking sector profits helped push the broader market to record highs at the end of last week. The S&P 500 closed above 5,800 points for the first time, and the blue-chip Dow Jones also hit a record high.
So far, 30 S&P 500 companies have reported results, with average profits beating forecasts by about 5%, according to Bank of America. That’s better than the 3% growth seen at this time last quarter. Still, Bernstein believes this quarter’s annual earnings per share growth rate will be “much lower” than last quarter.
Even as markets climbed to new highs, investors remained anxious amid a hotly contested presidential election in three weeks, a sudden rise in U.S. Treasury yields, uncertainty over the pace of Fed policy easing and escalating geopolitical risks in the Middle East.
Still, “the four major macro drivers (stimulus, resilient growth, deflation and healthy corporate performance) remain in place and are powerful enough to overcome elevated valuations and geopolitical risks to keep the S&P 500 on an upward trajectory,” Adam said Vital Knowledge founder Crisafulli said in a report on Sunday.
Excluding reinvested dividends, the S&P 500 is up nearly 22% this year. recent bull market Two years oldSince hitting its closing low in October 2022, the benchmark has gained nearly 63%. Last year it exceeded 4.1% weekly.
In terms of data, September retail sales and September industrial production data will be released on Thursday, and September housing starts and building permit data will be released on Friday.
