Investing.com — U.S. stock index futures on Monday boosted by earnings from major technology companies, monthly nonfarm payrolls and a easing of geopolitical tensions earlier in the week, including the final days of campaigning before the U.S. presidential election. and rose.
As of 6:35 ET (10:35 GMT), it was up 225 points (0.5%), up 36 points (0.6%) and up 155 points (0.8%).
Oil prices fall, risk appetite improves
Oil prices fell sharply on Monday while risk appetite soared after Israel launched a retaliatory strike against Iran over the weekend but avoided hitting major nuclear and oil facilities.
Iran also signaled that the damage from the attack would be limited, raising hopes that a larger conflict would not erupt in the Middle East that could drag the United States into war.
By 6:35 ET, Brent crude oil futures prices were down 6% to $71.11 per barrel, while U.S. crude oil futures (WTI) were trading 6.3% lower at $67.27 per barrel.
Traders feared that an attack on Iran’s oil and nuclear infrastructure could mark a dire escalation in the conflict and disrupt oil supplies from the oil-rich region.
Nasdaq hits record high on tech company profits
Wall Street indexes had mixed closes on Friday, with the Nasdaq hitting a new intraday high, while the DJIA and DJIA both slumped below their recent highs.
Tech stock positioning has increased this week ahead of a series of major technology results that five of Wall Street’s Magnificent Seven companies are expected to release in the coming days.
Alphabet (NASDAQ:) is scheduled to report on Tuesday, Metaplatform (NASDAQ:) and Microsoft (NASDAQ:) on Wednesday, and Apple (NASDAQ:) and Amazon (NASDAQ:) on Thursday.
These five companies account for the lion’s share of Wall Street’s market valuations, and their earnings are likely to be a bellwether for the overall market. This week’s results are expected to show whether artificial intelligence trade remains strong as major companies ramp up capital spending on new technologies.
Payroll Outperforms Packed Data Slate
In addition to major financial results, this week will also focus on a range of key economic indicators, starting with Friday’s monthly jobs report.
Friday’s jobs report is expected to slow to a more modest 111,000 jobs in October, reflecting the impact of strikes and weather disruptions caused by hurricanes Helen and Milton. Expectations are for it to remain flat at 4.1%.
Tuesday’s September data and Thursday’s report will be closely watched for signs of softening in the labor market, as Fed officials are expected to scrutinize temporary factors affecting payrolls. .
Third-quarter figures are also expected to be released on Wednesday, the central bank’s preferred measure of inflation, the following day.
presidential election approaches
Attention is also focused on the next presidential election, which is scheduled to be voted on November 5th.
Republican presidential candidate Donald Trump and his Democratic rival, Vice President Kamala Harris, are tied in national and battleground state polls, but former President Trump has improved his share of the vote in recent weeks. . The former president is also somewhat popular in election prediction markets.
(Amber Warrick contributed to this article.)
