NASDAQ Futures Rise Ahead of Busy Week – MENAFN.COM
(MENAFN- Baystreet.ca) NASDAQ Futures Rise Ahead of Busy Week
U.S. stock futures were slightly in the green Monday after the Dow Jones Industrial Average closed its third positive week in a row at a record, driven by better-than-expected earnings reports.
Futures for the Dow Jones Industrials gained 25 points, or 0.1%, to 35,582.
Futures for the S&P 500 picked up 6.5 points, or 0.1%, to 4,543
Futures for the NASDAQ Composite Index took on 38.5 points, or 0.3%, to 15,379.75.
Major averages have all registered solid gains for October. The Dow and the S&P 500 are both up more than 5%, while the NASDAQ Composite has climbed 4.4% month to date.
Leading the October rally in the broader market has been the energy sector, which is up 11% this month. Industrials, real estate, materials and financials have all popped at least 7% over the same period.
Some of the biggest technology companies are slated to report earnings this week, including Facebook, Alphabet, Microsoft, Amazon and Apple. A third of the Dow companies also is set to release quarterly results this week, including Caterpillar, Coca-Cola, Boeing and McDonald’s.
Microsoft and Amazon were higher in pre-market trading ahead of their results this week.
Shares of Tesla, which reported record revenue and profits last week, gained 4% in pre-market trading Monday after Morgan Stanley hiked its price target on the shares to $1,200 from $900.
Of the 117 companies in the S&P 500 that have reported earnings to date, 84% posted numbers that beat expectations. S&P 500 companies are expected to grow profit by about 35% in the third quarter.
Overseas, in Japan, the Nikkei 225 dropped 0.7% Monday, while in Hong Kong, the Hang Seng eked up five points.
Oil prices moved ahead $1.24 to $85.00 U.S. a barrel.
Gold prices jumped $6.70 to $1,803 U.S. an ounce.
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