Stock futures pointed to a higher open on Wall Street on Sunday night as investors awaited the release of earnings reports from major tech industry players. Futures tied to the Dow Jones Industrial Average rose 59 points, while S&P 500 futures and Nasdaq 100 futures also saw gains.
Last week was a challenging one for stocks, with concerns over higher interest rates weighing on investor sentiment. As a result, all three major indexes ended the week in negative territory. The yield on the benchmark 10-year U.S. Treasury climbed above 5% for the first time since July 2007, following hawkish remarks from Federal Reserve Chairman Jerome Powell.
This upcoming week marks the start of earnings season, with tech giants Alphabet, Amazon, Meta, and Microsoft scheduled to report. These reports will provide crucial information for the stock market and could impact investor sentiment. Traders are anticipating positive economic strength and better-than-expected earnings from these companies.
In addition to earnings reports, there are also key economic data releases scheduled for this week. The third-quarter advance report for the U.S. gross domestic product will be closely watched, as it will provide insights into the health of the economy. The personal consumption expenditure data will also be released, which could impact the possibility of a rate hike.
Overall, investors are closely monitoring these developments and the market is expected to react to the earnings reports and economic data releases throughout the week. The outcome of these events will likely shape market sentiment and determine the direction of stocks in the near term.
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