Traders on the ground of the NYSE, Oct. 21, 2022.
Source: NYSE
U.S. stock futures rose Sunday evening in any case three major averages notched their best week since June at Friday’s close.
Futures tied to the Dow Jones Industrial Average gained 222 points, or 0.71%. S&P 500 futures and Nasdaq 100 futures increased 0.88% and 1.00%, respectively.
The moves come after one more volatile week for stocks as third-quarter earnings season heats up. On Friday, the Dow gained greater than 748 points, or 2.47%. The S&P 500 and the Nasdaq Composite rose 2.37% and a pair of.31%, respectively. That added to gains from earlier within the week. The S&P 500 and Dow gained 4.7% and 4.9%, respectively, while the Nasdaq rose 5.2%.
To date, earnings reports have had mixed results for stocks. On Friday, bank stocks Goldman Sachs and JPMorgan Chase gained greater than 4% after reporting results. But not all results have been solid — Snap shed 28% after reporting an earnings miss.
Stocks also rose Friday despite bond yields marching higher – the 10-year U.S. Treasury hit its highest level since 2008 amid mixed corporate earnings. Bond yields are inverse to cost.
“The equities market is attempting to form a bottom to get to the last leg of the bear market,” said David Donabedian, chief investment officer of CIBC Private Wealth US, in a Friday note. “It looks like a two-way market straight away. We’ve a tug of war occurring between the skeptics and those that think it’s time to own equities.”
There are more big earnings reports on deck in the approaching week, including tech giants comparable to Apple, Alphabet, Amazon and Microsoft. Wall Street can even be expecting more inflation data — on Monday, the October manufacturing and services purchasing managers indexes will likely be released.
