Coming off one of the best weeks in months, stock futures continued to march higher on Monday morning, as earnings season gets set to kick off.
Stock Futures Mixed, Tech Takes Lead
Nasdaq Composite futures were up nearly 2% early Monday, while the S&P500 was up 0.7%. Dow Jones Industrial Average futures were lagging, gaining less than 0.3%.
This builds off of Friday’s solid gains.
|I:COMP||NASDAQ COMPOSITE INDEX||11579.943624||+158.96||+1.39%|
|I:DJI||DOW JONES AVERAGES||28586.9||+161.39||+0.57%|
STIMULUS PROGRESS TURNS DOW POSITIVE FOR 2020, S&P, NASDAQ WIN BEST WEEK SINCE JULY
Economic news out of China also appeared to be helping sentiment, after the country returned from its eight-day Mid-Autumn festival that was aided by strong tourism and slowing coronavirus cases, Reuters reported.
|JPM||JP MORGAN CHASE & CO.||101.20||-0.58||-0.57%|
|BAC||BANK OF AMERICA CORP.||25.36||+0.12||+0.48%|
The major U.S. banks are set to kick-off earnings season this week, as JPMorgan Inc., Citigroup Inc. and Bank of America Corp. all report later this week.
SPOTLIGHT ON TECH
Two of the so-called FAANG big tech companies will also draw investor attention, as Amazon.com Inc. and Apple Inc. hold big events.
Starting Tuesday and continuing on Wednesday, Amazon will hold its “Prime Day” shopping extravaganza to kick off the holiday shopping season. The Jeff Bezos-led company does not reveal sales for the annual event, but some analysts are expecting close to $10 billion in sales over the two days.
On Tuesday, Apple is widely expected to unveil its 5G-enabled iPhone at an event in California.
Twilio Inc. shares were rising nearly 5% after the company announced an all-stock acquisition of cloud customer data startup Segment for $3.2 billion.
Twitter Inc. shares were surging nearly 5% after Deutsche Bank upgraded the social network
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|USO||UNITED STATES OIL FUND L.P.||28.69||-0.45||-1.54%|
|GLD||SPDR GOLD SHARES TRUST – EUR ACC||181.08||+3.23||+1.82%|
West Texas Intermediate crude oil was falling on Monday, down more than 1% to $40.02 a barrel. Gold ticked up to $1,928.90 an ounce, a gain of 0.1%.
European stocks were also mostly higher, with the Stoxx Europe 600 gaining 0.4%. The German DAX, and French CAC 40 were both up 0.3%, but the FTSE 100 fell slightly.
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