Trading in index futures suggests a markedly higher opening by Wall Street stocks on Monday, as traders look ahead to the unfolding third-quarter reporting season with optimism.
The major U.S. averages closed the week ended Oct. 14 on a mixed note amid fears that the Fed will continue to raise rates aggressively.
| Nasdaq Composite | -3.10% | 10,321.39 | |
| S&P 500 Index | -1.56% | 3,583.07 | |
| Dow Industrials | +1.15% | 30,038.72 |
“The SPX weekly DeMark hits next week, near the bottom of the channel and the 50% retracement, with RECORD bearish sentiment,” he added.
Source: Pal’s Twitter feed
Here’s a peek into index futures trading:
| Nasdaq 100 Futures | +1.37% | |
| S&P 500 Futures | +1.24% | |
| Dow Futures | +1.09% | |
| R2K Futures | +1.05% |
See also: Apple (NASDAQ:AAPL), Tesla Reinventing Or Low-Cost Business Models Emerging? Such 100% Growth Opportunities Might Be Missed If Focus Stays On Rates/Inflation, Says Economist
On the economic front, the New York Federal Reserve is scheduled to release the results of its regional manufacturing survey at 8:30 a.m. EDT. The empire state manufacturing index, which reflects conditions in the New York Federal Reserve district, is expected to fall from minus 1.50 to minus 4 in October.
The Treasury is expected to auction three-month and six-month bills at 11:30 a.m. EDT.
Stocks In Focus:
- Bank of America Corp. (NYSE: NYSE:BAC), Bank Of New York Mellon Corporation (NYSE: BK) and Charles Schwab (NYSE:SCHW) Corp. (NYSE: SCHWB) are among the key companies scheduled to report earnings before the market open.
- Shares of analytics and security software company Splunk Inc. (NASDAQ: SPLK) rose after Wall Street Journal reported activist investor Starboard has picked up a stake in the company and is seeking to push for changes to boost the stock price.
- Fox Corporation (NASDAQ: FOX) and News Corporation (NASDAQ: NWSA) (NASDAQ: NWS) could be in focus amid reports that media mogul Rupert Murdoch was planning to merge his media assets.
- Netflix, Inc. (NASDAQ: NASDAQ:NFLX) and Tesla, Inc. (NASDAQ: TSLA (NASDAQ:TSLA)), which are scheduled to report on Tuesday and Wednesday, respectively, rallied.
- China’s JD.com (NASDAQ: JD) rose over 3.50% in premarket trading.
- HSBC Holdings (LON:HSBA) (NYSE: HSBC) advanced by a similar magnitude.
- Pinduoduo (NASDAQ: PDD) added close to 2.80%.
After Friday’s sharp retreat, crude oil futures were seen advancing moderately, potentially supporting energy stocks.
The major Asian markets ended Monday’s session on a mixed note, as traders reacted to the lackadaisical performance of their U.S. counterparts last week. European stocks have started the session on a firm note.
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