Traders on the floor of the New York Stock Exchange, August 4, 2022.
Source: NYSE
Stock futures rose early Monday as investors awaited big earnings reports.
Futures on the Dow Jones Industrial Average gained 277 points, or 0.9%. S&P 500 and Nasdaq 100 futures rose 1.1% and 1.3%, respectively.
Monday’s moves came as the British pound rose on the back of further political setbacks from the UK government. Prime Minister Liz Truss scrapped a tax cut plan and fired her finance minister last week. There were also expectations of another policy shift in the UK to be announced later on Monday. The British pound was up 0.9% at $1.127 per US dollar.
The S&P 500 exited its fourth negative week in five with a 1.6% loss last week. Hotter than expected inflation reading The wild price volatility has stoked the markets as investors readjusted their expectations regarding the next interest rate hike by the Federal Reserve.
Mark Heffley, chief information officer for UBS Global Wealth Management, said in a note.
Meanwhile, third-quarter earnings season has begun. Investors are watching whether US companies will make any major downward revisions to their forecasts in the face of stubbornly high inflation and an economic slowdown.
American bank He is scheduled to report on Monday before the bell, while Goldman Sachs The numbers will be released on Tuesday morning. JP Morgan And the Wells Fargo mentioned Solid Results Last week, while Morgan Stanley Stock trading returns are disappointing.
Several prominent tech names are also reporting this week, including NetflixAnd the Tesla And the IBM. Johnson & Johnson, United Airlines, AT&T, Verizon and Procter & Gamble are other big companies on investors’ radar.
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