(Reuters) – Futures tracking the benchmark S&P 500 and the Dow showed little movement on Monday, while Nasdaq futures dipped as investors awaited upcoming earnings reports that could either disrupt the current Wall Street rally or push it to new record highs.
As of 5:19 a.m. ET, Dow E-minis were up 18 points, U.S. S&P 500 E-minis were down 4.75 points, and Nasdaq 100 E-minis were down 46.5 points.
Boeing saw a 3.9% increase in premarket trading following news of a potential deal to end a five-week strike, with the company set to report its results later in the week.
Over 100 S&P 500 companies are expected to report quarterly earnings, including major players like IBM, Tesla, and Coca-Cola. The performance of the chip sector, with Texas Instruments reporting results, will also be closely monitored.
Recent data shows that 83.1% of S&P 500 companies have beaten earnings estimates, signaling a positive start to the earnings season. This, coupled with strong economic indicators and optimism around potential Federal Reserve rate cuts, has driven the market higher.
Despite geopolitical tensions, rising Treasury yields, and the upcoming U.S. presidential election, stock markets have remained resilient. Analysts at SEB noted that uncertainty surrounding the election is likely to persist until election night.
In anticipation of a potential victory for Republican candidate Donald Trump in November, assets such as the U.S. dollar, bitcoin, and gold have seen gains. Stocks like Spirit Airlines surged 45% after reaching a debt refinancing agreement.
This week, economic releases include home sales data, flash PMIs, durable goods data, and the Federal Reserve’s Beige Book. Several Fed officials are scheduled to speak, including Lorie Logan, Neel Kashkari, Jeffrey Schmid, and Mary Daly.
(Reporting by Lisa Mattackal in Bengaluru; Editing by Pooja Desai)