Stock futures are rising after posting their best week since June
Traders on the floor of the NYSE, October 21, 2022.
Source: NYSE
US stock futures rose on Sunday night after all three major averages had their best week since June by Friday’s close.
Futures tied to the Dow Jones Industrial Average gained 222 points, or 0.71[ads1]%. S&P 500 futures and Nasdaq 100 futures rose 0.88% and 1.00%, respectively.
The moves come after another volatile week for stocks as the third-quarter earnings season heats up. On Friday, the Dow gained more than 748 points, or 2.47%. The S&P 500 and Nasdaq Composite rose 2.37% and 2.31% respectively. That contributed to the gain from 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, banking stocks Goldman Sachs and JPMorgan Chase rose more than 4% after reporting results. But not all results have been solid — Snap fell 28% after reporting an earnings miss.
Stocks also rose on Friday despite bond yields marching higher – the 10-year US Treasury hit its highest level since 2008 among mixed corporate earnings. Bond interest rates are inversely related to the price.
“The stock market is trying to form a bottom to get to the last leg of the bear market,” David Donabedian, chief investment officer at CIBC Private Wealth US, said in a Friday note. “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 stocks.”
There are several big earnings reports on deck this coming week, including tech giants such as apple, Alphabet, Amazon and Microsoft. Wall Street will also be looking for more inflation data – on Monday, the manufacturing and services purchasing managers’ indexes for October will be released.
