US market futures jump as big tech earnings loom and Israel-Iran worries subside

U.S. stock index futures rose in evening trading on Sunday after Israel avoided targeting Iran’s nuclear and oil sites during a weekend retaliatory strike, signaling a lower risk of severe escalation in Middle Eastern tensions.

This week, market attention shifts to several major technology earnings reports and key economic data releases that could shed light on corporate performance and economic conditions.

Wall Street indexes showed mixed results last week, with investors favoring technology stocks over other sectors more sensitive to economic shifts.

By 19:14 ET (23:14 GMT), S&P 500 Futures had gained 0.4% to reach 5,871.25 points, Nasdaq 100 Futures climbed 0.5% to 20,597.75 points, and Dow Jones Futures increased 0.4% to 42,468.0 points.

Oil prices dropped sharply early Monday as risk appetite grew amid easing concerns over Middle Eastern instability. Israel's weekend attack on Iran did not target critical nuclear and oil facilities, and Iran reported minimal damage, reducing fears of a larger conflict.

Despite the calm response, Iran stated it would retaliate.

Nasdaq at Record High Ahead of Major Tech Earnings

The Nasdaq hit a record intraday high on Friday, while the S&P 500 and Dow ended below their recent peaks. Tech stocks gained momentum ahead of this week’s big earnings releases, with five of the top Wall Street firms, known as the “Magnificent Seven,” set to report.

Alphabet Inc. (NASDAQ: GOOGL) is slated to release its earnings on Tuesday, followed by Meta Platforms Inc. (NASDAQ: META) and Microsoft Corp. (NASDAQ: MSFT) on Wednesday. Apple Inc. (NASDAQ: AAPL) and Amazon.com Inc. (NASDAQ: AMZN) will report on Thursday.

As these five firms hold substantial weight in the market, their results could significantly influence broader market trends. Investors will also look to see if artificial intelligence remains a major investment theme as companies increase spending in this area.

The S&P 500 closed flat on Friday at 5,808.12 points, while the NASDAQ Composite added 0.6% to reach 18,518.61 points, and the Dow Jones Industrial Average fell 0.6% to 42,114.40 points.

In addition to earnings, key economic indicators are set for release, including house price data, third-quarter GDP figures, and the PCE price index—the Federal Reserve’s preferred measure of inflation.

The 2024 U.S. presidential election is also just a week away, adding to the week’s high-stakes developments.

 

 

 

 

 

 

 

Paraphrasing text from "Investing" all rights reserved by the original author.