Traders on the floor of the New York Stock Exchange, August 4, 2022.
Stock futures rose on Monday as investors weighed key earnings reports after a busy week of trading.
Futures on the Dow Jones Industrial Average gained 290 points, or 1%. S&P 500 and Nasdaq 100 futures rose 1.2% and 1.4%, respectively.
Monday’s moves came as the British pound rose on the back of further political setbacks from the UK government. Britain’s new finance minister, Jeremy Hunt, has announced that nearly all planned tax cuts will be scrapped. The pound was up 1% 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 On Monday, it reported better-than-expected results, sending the stock in stock higher in the pre-market. The Bank of New York Mellon also published results that beat analyst expectations. c. B. Morgan Chase 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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