Tech Earnings and Economic Data in Focus as Stock Futures Fall Slightly on Sunday Night

Investors are keeping a watchful eye on the stock market as a slew of big tech companies release their corporate earnings and new economic data is set to be revealed. Dow Jones Industrial Average futures dipped by 0.13%, while S&P 500 and Nasdaq 100 futures declined by 0.14% and 0.15%, respectively, as the earnings season gains momentum. The past week saw several major banking names posting their quarterly results for the first time since the bank failures in March, leading to a downturn in the major indices. Despite 76% of S&P 500 companies reporting earnings beating analysts’ estimates, corporate profits fell, with Q1 earnings expected to decline 5.2% overall. The focus now shifts to mega-cap tech earnings, with Alphabet, Microsoft, Amazon, and Meta announcing their results for the first quarter in what will mark the halfway point of earnings season. Investors are also keenly awaiting new economic data that will provide insight into whether inflation is cooling, and whether the Federal Reserve will announce another rate hike at its next meeting in early May. GDP numbers for the first quarter and April’s consumer sentiment data will be released among other economic indicators. Traders will also watch out for Coca-Cola, Credit Suisse, Whirlpool, and First Republic Bank’s earnings reports.