Market Snapshot: S&P 500 futures rise from five-month low with Fed and Apple results in view

by | Oct 30, 2023 | Stock Market

U.S. stock futures rebound as traders eye busy week containing jobs data, central bank action and Apple earnings.How are stock-index futures trading
S&P 500 futures
rose 28 points, or 0.6% to 4166

Dow Jones Industrial Average futures
added 170 points, or 0.5% to 32678

Nasdaq 100 futures
advanced 120 points, or 0.8% to 14386

On Friday, the Dow Jones Industrial Average
fell 367 points, or 1.12%, to 32418, the S&P 500
declined 20 points, or 0.48%, to 4117, and the Nasdaq Composite
gained 47 points, or 0.38%, to 12643.

What’s driving markets Traders early Monday were starting a week stuffed full of potential market catalysts on an upbeat note. Stock buyers returned after the S&P 500 on Friday joined the Nasdaq Composite in correction territory having shed more than 10% from its recent high at the end of July to close at its lowest since May. Relief that the Israel-Hamas war had not drawn in other combatants in the region over the weekend was helping sentiment, according to analysts. “The conflict did not appear to have broader spillover effects in the Middle East,” said Stephen Innes, managing partner at SPI Asset Management. “That sliver of ‘good news’ has seen the demand for safe-haven assets ease after Israel’s military action in Gaza took a more cautious approach than initially anticipated.” Equity benchmarks also have been hit of late partly because of some poorly-received third quarter earnings — notably from big technology firms that had led the broader marker higher for much of the year. The next tech behemoth to present its numbers will be Apple
after the market close on Thursday. Companies reporting results on Monday include McDonald’s
Western Digital
and SoFi Technologies
before the opening bell on Wall Street, followed by Pinterest,
and VF Corporation
after the close. Another factor pressuring equities over the past several weeks was the lurch higher in benchmark bond yields
to 16-year highs above 5% on concerns a robust economy will force the Federal Reserve to keep interest rates high for longer and amid fears additional Treasury issuance will push down prices. Both of those issues will be addressed on Wed …

Article Attribution | Read More at Article Source

Share This