Market Snapshot: Dow Jones futures push higher, shaking off Mideast tensions and rising Treasury yields

by | Oct 16, 2023 | Stock Market

U.S. stock futures gained ground early Monday, as investors looked ahead to earnings season against a backdrop of anxiety over the Israel-Hamas war and rising Treasury yields.What’s happening
S&P 500 futures
rose 17.50 points, or 0.4%, to 4,374.75.

Dow Jones Industrial Average futures
gained 179 points, or 0.5%, to 34,006.

Nasdaq-100 futures
advanced 33.25 points, or 0.2%, to 15,153.50.

Fears of an escalation of the Middle East conflict weighed on the stock market Friday, though the Dow Jones Industrial Average
 broke a streak of three consecutive weekly losses and the S&P 500 
scored a second straight weekly gain. The Nasdaq Composite
fell 0.2%.

What’s driving markets Earnings season moves into full swing this week, but “will likely remain under the shadow of mounting geopolitical tensions in the Middle East and a broad-based discomfort and lack of appetite that comes along with it,” Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said in a note. Read: Israel-Gaza conflict threatens to reawaken U.S. inflation, investors worry Israel continued to pound the Gaza Strip ahead of an expected ground invasion of the Hamas-controlled enclave by the Israeli military. The prospect of a ground incursion has drawn warnings from Iran, which in turn was warned by Western leaders and diplomats not to escalate the conflict. Oil futures were steady early Monday after jumping at the end of last week as traders feared an escalation could interrupt supplies. But crude prices remain below 2023 highs set in late September before the Hamas attack. Analysts said oil will remain a bellwether for other asset prices. See: Oil prices in spotlight as Iran warns of escalation of Israel-Hamas war Susannah Streeter, head of money and markets at Hargreaves Lansdown noted that the war between Israel and Hamas was just another geopolitical fracture that, alongside the Ukraine/Russia war and continued tensions between the U.S. and China, could damage global economic growth. “Warnings from JPMorgan Chase CEO, Jamie Dimon, that the world may be facing the most dangerous time in decades overshadowed the bank’s buoyant earnings report on Friday,” said Streeter. More of Wall Street’s big banks will report results on Tuesday, with Bank of America
Goldman Sachs
and BNY Mellon
stepping up to the plate. Big tech results will start with Netflix
and Tesla
on Wednesday. Read more: Banks beat expectations but some economic cracks form as caution abounds Earnings Watch: Wall Street’s Q3 expectations …

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