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Investing.com – (Update at exactly 3 p.m. Riyadh time)
Nasdaq and S&P 500 futures gave up their morning gains, Nasdaq futures are now down 0.07% to 13,173.75 points, while the S&P 500 continues at 4,166.5 points after losing its morning earnings.
Dow Jones futures rose by 0.14%, adding 48 points, to now record 34,083 points. The US dollar index rose by 0.12% against a basket of foreign currencies, while the 10-year yield rose by 0.55%, to record 3.541%.
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Most important thing for traders to watch
Traders’ attention will be focused on an important week of quarterly earnings reports from financial institutions, including Charles Schwab (NYSE:) on Monday, Bank of America on Tuesday, and Morgan Stanley on Wednesday. Investors have been eyeing and watching the overall health of the sector after the collapse of a Silicon Valley bank last month created a liquidity crunch.
It is also reported that this week will include the release of earnings reports for electric car currencies, Tesla, (NASDAQ:) on Wednesday, while P&G will present its report on Friday.
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But investors’ focus may now shift to how more companies subject to consumer discretion will perform given persistently high inflation and the Fed’s aggressive rate hike cycle.
Results from the likes of Netflix (NASDAQ: ), Tesla (NASDAQ: TSLA) and Johnson & Johnson (NYSE: JNJ) this week could easily upset optimism generated by strong bank numbers on Friday.
Several central bank policymakers including New York Fed President John Williams and Cleveland Fed Chair Loretta Mester are scheduled to speak later in the week, as investors weigh their assessment of the risk of a recession and when rate hikes might pause. .
Meanwhile, DELL shares fell after JPMorgan downgraded the PC maker to “neutral”, while HP rose after the brokerage upgraded its stock rating to “overweight”.
Look what happened
Corporate earnings are off to a positive start, such as banking giants Wells Fargo and JPMorgan, where their earnings exceeded expectations. However, disappointing retail sales data showing consumer spending slowing by 1% in March sent markets lower on Friday.
But during the week, stocks held up. It was generally positive last week for the fourth time in a row, while the S&P 500 and Nasdaq Composite both had their fourth week in the green of five.
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US index futures rose quietly at the beginning of this week’s trading, after a negative closing on Friday, with the return of interest rate concerns in the June meeting, after Fed member Christopher Waller’s comments on the need to raise rates more than once.
Index futures rose by 0.13%, Nasdaq futures by 0.10%, and Dow Jones futures by 0.08%, which is a quiet rise on a day when markets await the earnings reports of some major banks, which could lead the indices to rise or fall.
