(Reuters) – Futures tracking the benchmark S&P 500 and the Dow Jones were little changed on Monday, while Nasdaq futures fell as investors awaited earnings reports that could disrupt Wall Street’s rally or push it to new record highs.
At 5:19 a.m. ET, the Dow E-minis were up 18 points (0.04%), the U.S. S&P 500 E-minis were up 4.75 points (0.08%) and the Nasdaq 100 E-minis were up 46.5 points (0.22%) lower.
Boeing rose 3.9% in premarket trading on news that workers could vote on a new deal to end a costly five-week strike. The plan maker will report the results later this week.
Of the S&P 500 companies, 114 are expected to report quarterly results this week, including International Business Machines, Tesla and Coca-Cola. The chip sector will also be in sharp focus, with Texas Instruments reporting results.
Of the S&P 500 companies reporting results so far, 83.1% beat earnings estimates on Friday, compared to the average of 79.1% over the previous four quarters, according to LSEG data.
A fairly solid start to earnings season, combined with upbeat economic data and continued optimism around Federal Reserve rate cuts, have helped push indexes higher, with the S&P 500 closing in on the 6,000-mark mark for the first time.
The Dow Jones Industrial Average and the benchmark index recorded record highs on Friday. Both indices, along with the Nasdaq, posted their sixth consecutive week of gains, their best winning streaks so far this year.
This is despite risks such as increasing geopolitical concerns in the Middle East, rising government bond yields and the upcoming US presidential elections.
“Equity markets continue to weather geopolitical turmoil and uncertainty surrounding the US election… the election is getting closer and uncertainty is likely to persist at least until election night,” SEB analysts said in a note.
In broader markets, trades were expected to perform well if Republican candidate Donald Trump were to win in November, as polls showed the former US president’s chances improving. The US dollar, bitcoin and gold gained ground. [MKTS/GLOB]
Among other stocks, Spirit Airlines rose 45% after the company reached an agreement to extend its debt refinancing deadline by two months.
On the economic front, this week we see the release of home sales, flash PMIs and durable goods data, as well as the Federal Reserve’s Beige Book.
A number of central bank speakers are also in attendance, while Fed officials including Lorie Logan, Neel Kashkari, Jeffrey Schmid and Mary Daly will speak on the day.
(Reporting by Lisa Mattackal in Bengaluru; Editing by Pooja Desai)
