U.S. stocks fell before the bell on Monday, led by tech stocks, as investors braced for a week packed with top-level gains that could fuel or drag record gains.
S&P 500 futures (ES=F) fell about 0.3%, closing at a new all-time high for the sixth straight week of gains. Dow Jones Industrial Average futures (YM=F) fell 0.2%, and the tech-heavy Nasdaq 100 (NQ=F) fell 0.5%.
Whether a company’s performance exceeds high expectations is largely dependent on its continued record. Earnings season is in full swing this week, with more than 100 S&P 500 companies lining up to report. So far, 80% of the Q3 updates included in the benchmark have exceeded the baseline.
Investors are nervous about Tesla’s (TSLA) Wednesday report after its robotaxi announcement fell short of expectations. The company is the second of the Magnificent Seven megacaps to be reported amid questions about Big Tech’s performance.
General Motors (GM), Coca-Cola (KO), American Airlines (AAL), and UPS (UPS) are among the other big names appearing on earnings sheets this week.
Boeing (BA) faces a double whammy as it plans to release earnings on Wednesday at the same time workers vote on whether to accept a tentative deal reached with the union to end a five-week strike. There is. The company’s stock rose more than 3% in early trading Monday.
Meanwhile, oil prices recovered, rising by about 2% along with the rise in Chinese stocks (000300.SS), as China continued its economic stimulus measures by cutting key lending rates. Brent crude oil futures (BZ=F), the world benchmark, are trading around $74 per barrel, while West Texas Intermediate (CL=F) crude oil futures are above $70, indicating Israel’s next move on Iran. is also attracting attention.
