Trading in the major U.S. index futures is pointing to a negative opening by Wall Street stocks on Monday, as rate fears return. Whatever Monday’s session brings, the three major averages are on track to end October with strong gains.
|S&P 500 Index||+3.95%||3,901.06|
The Dow Industrials ended the week at its highest level in more than two months and the S&P 500 Index settled near a one-and-a-half-month high. Apple, Inc.’s AAPL forecast-beating results and rate optimism imparted strength to the market, which was otherwise weighed down by several other tech disappointments.
“Overall, the 3Q earnings season continues to deliver strong results and gives hope that the economy can absorb the higher interest rates the Fed has planned,” said fund manager Louis Navellier in a note released last week.
Here’s a peek into index futures trading:
|Nasdaq 100 Futures||-0.62%|
|S&P 500 Futures||-0.46%|
In premarket trading on Monday, the SPDR S&P 500 ETF TrustSPY fell 0.47% to $387.21 and the Invesco QQQ TrustQQQ declined 0.56% to $279.64, according to Benzinga Pro data.
On the economic front, the Chicago Federal Reserve’s regional purchasing managers’ index for October is due at 9:45 a.m. EDT. This will be followed by the Dallas Federal Reserve’s manufacturing business index for October, due at 10 a.m. EDT.
All eyes, however, will be on the two-day Federal Open Market Committee meeting that would kickstart on Tuesday. Most economists and market analysts are resigned to a …….