S&P 500 futures edged up 0.1% on Monday after a winning week for the major averages. Investors now face big-bank earnings and September inflation data, while oil rose on doubts over a Russia-Ukraine "energy ceasefire."
S&P 500 futures climbed 0.1% on Monday, as investors looked ahead to a busy week of earnings results and inflation data.
Futures hold steady after a winning week
Dow Jones Industrial Average futures rose by 53 points, or 0.1%. Nasdaq 100 futures, however, were down 0.1%.
Wall Street is coming off a winning week, as a rally in tech stocks helped investors shrug off higher oil prices and yields. The Dow and S&P 500 each posted their second positive week in three, while the Nasdaq Composite netted its fourth straight week of gains.
Earnings and inflation data set the week
Investors hope the third-quarter earnings season will help stocks power through the Middle East turmoil. According to FactSet's John Butters, the S&P 500 is set to post 29.6% earnings growth in the quarter.
Reporting ramps up this week, with Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo all expected to post results. Key inflation data is due too: the September consumer price index arrives Wednesday, and the producer price index follows Thursday.
Still, what managers say may matter more. Brian Leonard, portfolio manager of Keeley Gabelli Small Cap Dividend Fund, said investors have narrowed in on some of the important aspects: "Can this company withstand what’s happening?"
Oil climbs on ceasefire doubts
West Texas Intermediate futures advanced 1% to around $93 per barrel, while Brent crude gained 1% to trade at $105. Crude rose after President Donald Trump announced an "energy ceasefire" between Russia and Ukraine. Ukrainian President Volodymyr Zelenskyy then said Moscow had already violated it.
Meanwhile, Micron shares were more than 2% lower in the premarket as investors assessed increasing competition from China's CXMT.
This week also marks four years since the S&P 500's bull run began after a closing low of 3,577.03 in October 2022. The index has more than doubled since.
Source: CNBC
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