Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 12, 2023.
Brendan McDermid | Reuters
Stock futures rose modestly Sunday night as investors readied for a week with more corporate earnings and key inflation readings.
Futures tied to the Dow Jones Industrial Average added 48 points, or 0.1%. S&P 500 futures and Nasdaq 100 futures advanced 0.2% and 0.3%, respectively.
The moves follow a losing week on Wall Street. The Nasdaq Composite and S&P 500 slid about 2.9% and 2.3%, respectively, marking their worst weeks since March. The Dow finished the week about 1.1% lower.
Investors will watch on Monday for corporate earnings from companies such as Lucid, Palantir, Beyond Meat and Paramount. It’s the latest leg of what has broadly been considered a better-than-expected season. Of the 84% of companies in the S&P 500 that have posted their quarterly results, about four-fifths have exceeded Wall Street forecasts, according to FactSet.
Later in the week, investors will shift focus to the release of July consumer and producer price index data. Both are closely watched given their connection to the path of inflation and the health of the economy.
The indexes have been watched with particular interest amid the Federal Reserve’s rate-hiking campaign as investors try to predict how the central bank will move policy going forward. The readings follow last week’s jobs data, which showed there was less job growth than economists expected in July.
“For the Fed, this report has to be a relief, but likely doesn’t tilt the scales one way or the other,” said PIMCO managing director Tiffany Wilding following the jobs report on Friday. This week’s data “may be more convincing, and push the Fed to be patient and watch how the economy evolves for another meeting.”