Market Analysis

US stock futures remain stable following Wall Street's record highs; earnings are expected

Amos Simanungkalit · 15 Oct7.7K Views

U.S. stock index futures remained stable in Monday evening trading, following a surge in technology stocks that propelled Wall Street to new record highs. Investors are now shifting their attention to a series of key upcoming earnings reports and economic data.

Trading activity was relatively light due to a federal holiday, but U.S. stock indexes had already hit record levels, driven by strong bank earnings on Friday.

By 19:12 ET (23:12 GMT), S&P 500 Futures edged up slightly to 5,911.25 points, while Nasdaq 100 Futures held steady at 20,622.0 points. Dow Jones Futures gained 0.1% to 43,404.0 points.

Tech Rally Pushes Wall Street to New Heights
Technology stocks led the charge on Monday, with NVIDIA Corporation (NASDAQ) climbing 2.4% to a record high. After-hours trading saw the stock level off, as the semiconductor sector braces for key earnings reports this week from ASML Holding (NASDAQ) and TSMC (NYSE), both considered key indicators for the industry.

Other major tech firms, including Apple Inc. (NASDAQ), Alphabet Inc. (NASDAQ), and Microsoft Corporation (NASDAQ), also held steady after gains during the trading session.

The S&P 500 advanced 0.8%, reaching a new record of 5,859.85 points, while the Dow Jones Industrial Average rose 0.5% to a record of 43,065.22 points. The NASDAQ Composite increased by 0.9% to 18,502.64, approaching highs seen earlier this year.

In addition to tech gains, markets were buoyed by continued speculation that the Federal Reserve may cut interest rates by at least 25 basis points in November, following strong inflation data for September.

Eyes on Q3 Earnings and Economic Data
Investors are now focusing on the upcoming third-quarter earnings season, which will pick up pace on Tuesday.

Major financial institutions like UnitedHealth Group (NYSE), Bank of America Corp (NYSE), Goldman Sachs Group Inc. (NYSE), Citigroup Inc. (NYSE), and Charles Schwab Corp. (NYSE) are expected to release earnings on Tuesday, alongside other key companies such as Johnson & Johnson (NYSE), United Airlines Holdings Inc. (NASDAQ), and Walgreens Boots Alliance Inc. (NASDAQ).

Morgan Stanley (NYSE) will wrap up bank earnings on Wednesday, with other high-profile names such as Netflix Inc. (NASDAQ), Blackstone Inc. (NYSE), and American Express Co. (NYSE) reporting later in the week.

Investors are keen to see how corporate profits fared amidst ongoing challenges, including high interest rates and persistent inflation.

Additionally, the focus this week will include retail sales data and speeches from Federal Reserve officials, which are expected to provide further insights into the economic outlook and future interest rate moves.