Traders on the floor of the New York Stock Exchange, October 21, 2022.
US stock futures were little changed Monday morning after all three major averages had their best week since June at Friday’s close.
Futures linked to the Dow Jones Industrial Average gained 4 points, or 0.01%. S&P 500 and Nasdaq 100 futures rose 0.07% and 0.16%, respectively.
The moves come after another volatile week for stocks as the third-quarter earnings season heated up. On Friday, the Dow was up more than 748 points, or 2.47%. The S&P 500 and Nasdaq Composite were up 2.37% and 2.31%, respectively. This added to the gains made earlier in the week. The S&P 500 and Dow rose 4.7% and 4.9%, respectively, while the Nasdaq rose 5.2%.
So far, earnings reports have had mixed results for stocks. On Friday, shares of banks Goldman Sachs and JPMorgan Chase rose more than 4% after the results were announced. But not all results were solid – Snap slipped 28% after reporting a profit loss.
Stocks also rose on Friday despite higher bond yields – US 10-year Treasuries hit their highest level since 2008 amid mixed corporate earnings. Bond yields are the inverse of price.
“The stock market is trying to bottom out to reach the last phase of a bear market,” David Donabedian, chief investment officer at CIBC Private Wealth US, said in a note on Friday. “It feels like a two-way market right now. We have a tug of war between the skeptics and those who think it’s time to own the stock.”
There are more big earnings reports on deck next week, including tech giants like appleAnd the the alphabetAnd the Amazon And the Microsoft. Wall Street will also be watching for more inflation data – on Monday, the manufacturing and services PMIs for October will be released.
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