Traders work on the floor of the New York Stock Exchange (NYSE), July 26, 2023.
Brendan McDermid | Reuters
Stock futures rose slightly Monday night as investors focused on the upcoming slate of earnings reports from major tech companies.
Futures tied to the Dow Jones Industrial Average added 58 points, or 0.2%. S&P 500 futures and Nasdaq 100 futures also each climbed 0.2%.
The moves follow a mixed session on Wall Street as investors continued watching the U.S. 10-year Treasury yield, which crossed the closely followed 5% level for the first time since 2007 last week. Rising yields have raised concerns about the state of the broader economy and pressured the stock market in recent weeks.
“Equities are trending sideways to being in a retreat mode given persistent inflation and higher-for-longer interest rates,” said Terry Sandven, chief equity strategist at U.S. Bank Asset Management. All the while, “the prospects for recession loom on the horizon.”
The Dow and S&P 500 finished Monday’s session down about 0.6% and 0.2%, respectively. But the technology-heavy Nasdaq Composite was able to finish up about 0.3%, as investors bought into the sector with major earnings reports on the horizon.
Spotify reports Tuesday before the bell, alongside General Motors and Coca-Cola. Alphabet and Microsoft are among companies posting results after the market closes.
Investors will also keep an eye on tech later in the week, with Meta reporting Wednesday and Amazon on Thursday. IBM and Intel are among the other well-known tech names offering quarterly results later in the week.
About 30% of S&P 500 companies are slated to report this week, the latest leg of an earnings season that has so far been better than Wall Street expected. About 17% of S&P 500 companies have already reported earnings, and three-quarters of them have posted earnings surpassing analysts’ expectations, according to FactSet.
Elsewhere, traders will watch for economic data coming Tuesday morning about the services and manufacturing sectors.