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 TrustSPY jumped1.13% to $361.66 and Invesco QQQ TrustQQQ climbed 1.25% to $264.01, according to Benzinga Pro data.
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. BAC, Bank Of New York Mellon Corporation BK and Charles Schwab Corp. SCHWB are among the key companies scheduled to report earnings before the market open.
- Shares of analytics and security software company Splunk Inc. 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 FOX and News Corporation NWSA NWS could be in focus amid reports that media mogul Rupert Murdoch was planning to merge his media assets.
- Netflix, Inc. NFLX and Tesla, Inc. TSLA, which are scheduled to report on Tuesday and Wednesday, respectively, rallied.
Large-cap Premarket Movers
- China’s JD.com JD rose over 3.50% in premarket trading.
- HSBC Holdings HSBC advanced by a similar magnitude.
- Pinduoduo PDD added close to 2.80%.
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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