Traders on the floor of the New York Stock Exchange, October 21, 2022.
US stock futures rose slightly on Monday, as traders attempted to add to the sharp gains seen in the past week.
Futures related to the Dow Jones Industrial Average rose 91 points, or 0.3%. S&P 500 and Nasdaq 100 futures rose 0.3% and 0.1%, respectively.
The moves come after another volatile week for stocks as the third-quarter earnings season heated up. The major averages posted their biggest weekly gain since June, with the Dow Jones advancing 4.9%. The S&P 500 and Nasdaq rose 4.7% and 5.2%, respectively.
Part of those gains came on Friday, when the Dow rose more than 700 points, while the S&P 500 and Nasdaq rose about 2.3%.
“The stock market is trying to bottom out to reach the last phase of a bear market,” David Donabedian, chief investment officer at CIBC Private Wealth US, said in a note on Friday. “It feels like a two-way market right now. We have a tug of war between the skeptics and those who think it’s time to own the stock.”
So far, earnings reports have had mixed results for stocks. On Friday, shares of banks Goldman Sachs and JPMorgan Chase rose more than 4% after the results were announced. But not all results were solid – Snap slipped 28% after reporting a profit loss.
There are more big earnings reports on deck next week, including tech giants like appleAnd the the alphabetAnd the Amazon And the Microsoft. Wall Street will also be watching for more inflation data – on Monday, the manufacturing and services PMIs for October will be released.
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