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.
| Index | Performance (+/-) | Value | |
|---|---|---|---|
| Nasdaq Composite | -3.10% | 10,321.39 | |
| S&P 500 Index | -1.56% | 3,583.07 | |
| Dow Industrials | +1.15% | 30,038.72 |
Odds of a low coming in the next week or two are decently high, Raoul Pal tweeted this weekend.
“The SPX weekly DeMark hits next week, near the bottom of the channel and the 50% retracement, with RECORD bearish sentiment,” he added.
Here’s a peek into index futures trading:
| Index | Performance (+/-) | |
|---|---|---|
| Nasdaq 100 Futures | +1.37% | |
| S&P 500 Futures | +1.24% | |
| Dow Futures | +1.09% | |
| R2K Futures | +1.05% |
In premarket trading on Monday, the SPDR S&P 500 ETF Trust(NYSE:SPY) jumped1.13% to $361.66 and Invesco QQQ Trust(NASDAQ:QQQ) climbed 1.25% to $264.01, according to Benzinga Pro data.
The Treasury is expected to auction three-month and six-month bills at 11:30 a.m. EDT.
Stocks In Focus:
Large-cap Premarket Movers
Commodities, Global Equity Markets:
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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