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Stock futures rise after a roller-coaster week as investors await key earnings reports

Traders on the floor of the NYSE, August 4, 2022.

Source: NYSE

Stock futures traded higher early Monday as investors awaited big earnings reports to roll in.

Futures on the Dow Jones Industrial Average gained 277 points, or 0.9%. S&P 500 futures and Nasdaq 1[ads1]00 futures rose 1.1% and 1.3% higher, respectively.

Monday’s move came as the British pound rose following several policy reversals from the British government. New British Chancellor of the Exchequer Jeremy Hunt announced that almost all planned tax cuts would be shelved. The pound traded 1% higher at $1.127 per US dollar.

The S&P 500 just came off its fourth negative week in five with a loss of 1.6% last week. A hotter-than-expected inflation reading created wild price swings in markets as investors adjusted their expectations for the Federal Reserve’s upcoming rate hikes.

“As inflation remains high longer and the Fed hikes further, the risk increases that the cumulative effect of policy tightening pushes the US economy into recession, undermining the outlook for corporate earnings,” Mark Haefele, CIO at UBS Global Wealth Management, said in a note .

Meanwhile, the earnings season for the third quarter has started. Investors are watching whether corporate America will have any significant downgrades to its outlook in the face of stubbornly high inflation and the economic slowdown.

Bank of America is scheduled to report Monday before the clock, while Goldman Sachs will release figures on Tuesday morning. JPMorgan and Wells Fargo reported solid results last week, while Morgan Stanley’s stock earnings disappointed.

Many notable tech names are also reporting this week, including Netflix, Tesla and IBM. Johnson & Johnson, United Airlines, AT&T, Verizon and Procter & Gamble are other major companies on investors’ radar.

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