US Stocks Show Optimism Heading Into Midterms Week As Nasdaq, S&P 500 Futures Rally — Apple, Meta, Palantir In Focus Today

Zinger Key Points
  • Traders will likely remain on hold mode ahead of a couple of key catalysts scheduled for the week.
  • Markets are entering a seasonally strong period, when more often than not stocks launch into a rally.

U.S. index futures were all in the green on Monday morning, indicating that Wall Street may start the week on a moderately positive note.

Monday’s economic calendar is light and doesn’t boast of any major market-moving data or reports. Traders could show apprehension ahead of the Nov. 8 midterm elections and the consumer price inflation report due on Thursday.

Stocks closed the week ended Nov. 5 on a downbeat note, with technology stocks serving as drags on the overall market. The weekly losses reflected trader reaction to the Federal Reserve’s 75 basis point rate hike as well as hawkish commentary by Chair Jerome Powell at the press conference, mixed earnings news flow and the strong October jobs data. Nevertheless, stocks ended the week on a firmer footing.

U.S. Indices' Performance During Week Ended Nov. 4
Index Performance (+/-)   Value
Nasdaq Composite -5.65%   10,475.25
S&P 500 Index -3.35%   3,770.55
Dow Industrials -1.40%   32,403.22

Here’s a peek into index futures trading:

U.S. Futures' Performance On Monday During Premarket Session
Index Performance (+/-)  
Nasdaq 100 Futures +0.42%  
S&P 500 Futures +0.51  
Dow Futures +0.51%  
R2K Futures +0.60%  

In premarket trading on Monday, the SPDR S&P 500 ETF Trust SPY rose 0.21% to $377.13 and the Invesco QQQ TrustQQQ gained 0.11% to $264.96, according to Benzinga Pro data.

On the economic front, the Conference Board is set to release the employment trends index for October at 10 a.m. EST. The composite index for employment rose from 118.48 in August to 120.17 in September.

The Treasury auctions of 3-month and 6-month bills are due at 11:30 a.m. EST.

At 3 p.m. EST, the Federal Reserve would release its report on outstanding consumer credit for September. Economists, on average, expect the metric to come in at $30 billion.

Federal Open Market Committee member and Cleveland Fed President Loretta Mester and Boston Fed President Susan Collins are scheduled to make public appearances at 3:40 p.m. EST.

FOMC member and Richmond Fed President Thomas Barkin is set to speak at 6 p.m. EST.

See also: 'So Goes Apple, So Goes The Market'? What Apple's Move Lower Means For The S&P

Stocks In Focus:

  • Apple, Inc. AAPL retreated in premarket trading after the company announced iPhone 14 Pro, Pro Max shipments will be impacted by the COVID-19 lockdown in China.
  • Meta Platforms, Inc. META advanced about 3.7% after reports said the company would soon announce a massive layoff.
  • Tesla, Inc. TSLA rose over 1%.
  • BioNTech SE BNTX, Palantir Technologies, Inc. PLTR and Viatris, Inc. VTRS are among the important companies reporting ahead of the market open.
  • Notable names reporting after the close include video game companies Activision Blizzard, Inc. ATVI and Take-Two Interactive Software, Inc. TTWO and Groupon, Inc. GRPN.

Commodities, Other Global Equity Markets:

After Friday’s 5%+ rally, WTI crude oil futures rose yet again and traded over 2% higher at $92.66-a-barrel.

The Asia-Pacific markets ended Monday’s session uniformly higher, taking cues from the positive close on Wall Street Friday. The Japanese market led the region’s advance.

European stocks were seen trading uniformly higher, with the German market seeing a standout gain after data showed that industrial production rebounded in the country in September.
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Posted In: EarningsNewsFuturesPreviewsTop StoriesEconomicsFederal ReservePre-Market OutlookMarketsTrading IdeasNasdaq futuresS&P 500 futuresUS Stocks
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