Earning news flow will continue to pick up momentum in the coming days, potentially cushioning any downside, with five of the “Magnificent 7” companies all set to post their earnings this week. This includes Apple Inc. (NASDAQ:AAPL), Microsoft Corp. (NASDAQ:MSFT), Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL), Meta Platforms Inc. (NASDAQ:META), and Amazon.com Inc. (NASDAQ:AMZN).
Futures
Performance (+/-)
Nasdaq 100
0.78%
S&P 500
0.62%
Dow Jones
0.52%
R2K
0.68%
In premarket trading on Monday, the SPDR S&P 500 ETF Trust (NYSE:SPY) gained 0.64% to $582.72 and the Invesco QQQ ETF (NASDAQ:QQQ) rose 0.77% to $499.11, according to Benzinga Pro data.
Cues From Last Week: Amid simmering tensions in the Middle East and Israel's missile strikes in Iran, oil prices tumbled over the weekend.
Treasury yields rose during the week, signaling concerns that regardless of who wins the elections, the next administration might struggle with fiscal discipline. This sentiment was further exacerbated by the International Monetary Fund's warnings on the long-term trajectory of the U.S. national debt.
On the economic data front, the University of Michigan consumer sentiment for the U.S. rose to 70.5 in October compared to a preliminary reading of 68.9.
Both the Dow Jones and S&P 500 ended a six-week winning streak, falling around 1% and 2.7%, respectively. The Nasdaq recorded gains for the seventh straight week, gaining nearly 0.2% last week.
Index
Week’s Performance (+/-)
Value
Nasdaq Composite
0.2%
18,518.61
S&P 500
-1%
5,808.12
Dow Jones
-2.7%
42,114.40
Russell 2000
1.87%
2,207.99
Insights From Analysts: Ryan Detrick, Chief Market Strategist ...
