Traders work on the floor of the New York Stock Exchange (NYSE) on October 20, 2023 in New York City.
Spencer Platt | Getty Images
Stock futures rose Monday morning as traders awaited the release of earnings from the tech industry giants.
Futures tied to the Dow Jones Industrial Average rose 49 points, or 0.15%. S&P 500 futures and Nasdaq 100 futures rose 0.24% and 0.26%, respectively.
The moves follow a difficult week for stocks as worries about higher interest rates pushed all three major indexes into negative territory. The S&P 500 ended the week down 2.4%, posting its first losing week in three weeks. The Dow Jones Industrial Average fell 1.6%, while the Nasdaq Composite fell 3.2%, posting its second straight week of losses.
The yield on the benchmark 10-year U.S. Treasury note climbed above the key 5% mark on Thursday for the first time since July 2007. The move came after Federal Reserve Chairman Jerome Powell sent hawkish signals in a speech at the Economic Club of New York.
Earnings season is heating up this week, with a number of big tech titans reportedly set to report. Investors expect results from Alphabet, Amazon, Meta and Microsoft to provide important information for the stock market.
“We will hopefully see continued positive economic strength there and its future prospects,” said Ryan Detrick, chief market strategist at Carson Group. “The headlines are certainly scary. But the fundamentals are pretty strong for us. We still see an earnings season that will be better than expected.”
Traders are also looking forward to the release of key economic data this week, including the preliminary U.S. third-quarter gross domestic product report on Thursday. Personal consumption expenditures, a measure of inflation, are scheduled to be released on Friday. Investors worry that if these reports are stronger than expected, another rate hike this year may not be entirely off the table.