Futures tracking the S&P 500 and Dow Jones Industrial Average held steady on Monday, while Nasdaq futures dipped as investors braced for a busy earnings week that could either stall or accelerate Wall Street’s recent rally.
As of 5:19 a.m. ET, Dow E-minis edged up by 18 points, or 0.04%, while S&P 500 E-minis fell by 4.75 points, or 0.08%. Nasdaq 100 E-minis declined by 46.5 points, or 0.22%.
Shares of Boeing jumped 3.9% in premarket trading after reports that workers may soon vote on a new deal, potentially ending a costly five-week strike. The aerospace giant is expected to release its quarterly results later this week.
This week, 114 companies in the S&P 500, including major names like International Business Machines (IBM), Tesla, and Coca-Cola, are set to report earnings. The semiconductor industry will also draw attention, with Texas Instruments among the key players releasing results.
As of Friday, 83.1% of the S&P 500 companies that had already reported earnings exceeded analyst expectations, surpassing the 79.1% average from the previous four quarters, according to data from LSEG.
The positive start to earnings season, coupled with strong economic data and optimism about future Federal Reserve rate cuts, has helped push markets higher. The S&P 500 is now approaching the significant 6,000-point threshold for the first time.
On Friday, both the Dow Jones Industrial Average and the S&P 500 hit new record highs. All three major indexes, including the Nasdaq, have now registered six consecutive weeks of gains—their longest winning streak of the year so far.
This upward trend continues despite risks like rising geopolitical tensions in the Middle East, increased Treasury yields, and uncertainty surrounding the upcoming U.S. presidential election.
“Stock markets continue to withstand geopolitical turmoil and uncertainty about the US election… the election is getting closer and the uncertainty will in all likelihood remain at least until election night,” analysts at SEB said in a note.
In broader markets, stocks that are expected to perform well if Republican candidate Donald Trump wins in November saw an uptick, driven by improving poll numbers for the former president. The U.S. dollar, bitcoin, and gold also gained ground.
Spirit Airlines soared 45% in premarket trading after the airline reached an agreement to extend a debt refinancing deadline by two months, giving the company additional time to navigate its financial challenges.
Looking ahead, key economic data this week includes home sales, flash PMIs, durable goods orders, and the Federal Reserve’s Beige Book. Several central bank officials are scheduled to speak, including Federal Reserve members Lorie Logan, Neel Kashkari, Jeffrey Schmid, and Mary Daly.
