Traders work on the trading floor of the New York Stock Exchange on October 16, 2024.
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U.S. stock futures rose sharply as investors sought profits from a group of big technology companies to continue pushing the Nasdaq to another record high this week. Cooling geopolitical tensions also boosted risk sentiment.
Israel’s weekend air strikes on Iran did not target oil or nuclear facilities as feared Oil futures were lower in early trading.
Futures linked to the Dow Jones Index The Jones Industrial Average rose 148 points, or 0.3%. S&P 500 Index Futures up 0.4% Nasdaq 100 Futures Increase by 0.5%.
The market split last weekend. Friday is dominated by technology stocks Nasdaq Index It jumped to a record high during the session, rising 0.56% to close at 18,518.61 points. on the other hand, Dow Chemical It fell 259.96 points, or 0.61%, to close at 42,114.40 points. vast market S&P 500 Index It fell slightly by 0.03% to 5,808.12.
The Dow and S&P both snapped six-week winning streaks, but the Nasdaq posted its seventh consecutive weekly gain.
Wall Street is gearing up for a big week for markets, which will be the busiest week of the third-quarter earnings season and the last week before the U.S. presidential election on November 5. Five of the seven largest companies – Alphabet, Microsoft, Meta Platforms, Amazon and Apple – are scheduled to report third-quarter earnings.
“One of the things we expect to see is that these big tech companies will continue to increase their commitment to artificial intelligence across a broad range of technology spending,” Yung-Yu Ma, chief investment officer at BMO Wealth Management, told CNBC. “I don’t think there will be any pushback.”
YTD Nasdaq
He added: “If for some reason we didn’t realize this – if some of the tech companies mentioned in the report put the brakes on some of these investments – the market wouldn’t have received it as well.” “So that’s going to have the effect of really hearing from the market that these companies are continuing to commit to spending in this area, if not accelerating.”
Traders are also looking at a series of key economic data this week, including the September employment report due on Friday; the personal consumption expenditures (PCE) price index for September is expected to be released on Thursday; the preliminary estimate of third-quarter gross domestic product due on Wednesday. value.
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