Traders work on the floor of the New York Stock Exchange.
NYSE
Stock futures rose slightly in overnight trading on Sunday ahead of a busy week for corporate earnings.
Futures tied to the Dow Jones Industrial Average gained 0.15%, while S&P 500 futures and Nasdaq 100 futures gained 0.17% and 0.2%, respectively.
Stocks have had a mixed session and week. The S&P 500 gained 0.45% for the second straight positive session, while the Dow Jones Industrial Average gained 0.79%. The Nasdaq Composite lost about 0.2% this week and fell 1.23% during Friday’s session, while the S&P fell 0.5% and the Dow gained 0.12%.
Oil prices rose more than 5% during Friday’s session, posting their best day since April, as the conflict between Israel and Hamas stoked some fears over oil production in the region.
Meanwhile, Wall Street weighed in on a range of reports from major financial firms, with JPMorgan Chase and Wells Fargo rising 1.5% and 3%, respectively.
Despite these mostly positive results, some on Wall Street are bracing for more volatility at the end of the year as yields and oil prices rise, inflation remains stubborn and conflict in the Middle East, said Eric Johnston, Cantor Fitzgerald’s head of equity derivatives and Cross asset.
“This situation in the Middle East shows that when you own stocks, you take risks,” he told CNBC’s “Closing Bell” on Friday. “So to justify that risk you have to have good upside returns because there are things that come out of nowhere, like this situation.”
Over the weekend, the Israeli military continued to urge residents to evacuate the northern Gaza Strip amid a much-anticipated ground invasion. Meanwhile, U.S. Senate Majority Leader Chuck Schumer (D-N.Y.) said Sunday that the Senate will work to quickly pass a military aid package to help Israel fight Hamas.
Earnings season is picking up steam this week, with 11% of the S&P 500 expected to report results. Big names on board include Johnson & Johnson, Bank of America, Netflix and Tesla. Charles Schwab will announce the results before the bell on Monday.
On the economic front, Wall Street awaits October’s Empire State Index, which comes out on Monday.