S&P, Dow, and Nasdaq futures rise on Monday – Seeking Alpha
Michael M. Santiago
Stock futures track upwards ahead of Monday’s opening bell after the major averages closed lower in the previous week. Early on and futures point higher as investors show a risk-on tone ahead of Thursday’s inflation print and mid-term election results.
The Dow futures (INDU) are +0.4%, while S&P futures (SPX) are +0.4%, and Nasdaq futures (NDX:IND) have gained 0.4%.
In the bond market, Treasury yields are mixed. The 10-year Treasury yield (US10Y) is down 2 basis points to 4.13% and the 2-year Treasury yield (US2Y) has gained 2 basis points to 4.67%.
The dollar index (DXY) is also lower by 0.4% as it trades near the 110.45 level.
The economic calendar, remains quite on Monday as investor look ahead towards Thursday’s CPI print.
Pantheon Macroeconomics stated: “Job growth is slowing, on track to slip below 100K by next March, pushing up unemployment. Wage growth appears to be softening, though the data are not quite definitive, yet. If recent trends continue, and core CPI prints moderate, Chair Powell’s stance will have to change.”
Morgan Stanley outlined in an investor note: “Equity markets remained resilient in the face of a still hawkish Fed and strong labor data. This week presents another challenge with the CPI and mid-terms which could serve as further catalysts for lower interest rate vol and levels, at least at the back end.”
Among active stocks, Meta Platforms is higher in early market trading as the firm is planning to implement large-scale job cuts this week.