Apr 22, 2024 (MENAFN via COMTEX) --
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S&P Suffering Longest Slump Since October Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Monday, April 22, 2024
Futures Rise Ahead of Big Week for Tech Stock Advertisment
Stock futures pushed higher Monday as Wall Street looks to find its footing following a steep sell off for tech companies, which face a key test this week.
Futures for the Dow Jones Industrials hiked 196 points, or 0.5%, to 38,404.
Futures for the S&P 500 added 25.75 points, or 0.5%, to 5,029.5.
Futures for the
NASDAQ Composite leaped 95 points, or 0.6%, to 17,275.75.
The S&P 500 fell 3.05% and
NASDAQ lost 5.52% last week, and are each on six-day losing streaks. The
NASDAQ fell 2% on Friday alone, with chip giant Nvidia sinking 10%, leading a slew of losses for Big Tech names.
The Dow, which has less tech exposure than the other two benchmark averages, was little changed on the week.
The moves higher in futures comes ahead a potentially big week for earnings, with the focus on Magnificent Seven tech companies.
Companies including Tesla, Meta Platforms, American Airlines, Microsoft and Alphabet all set to report in the week ahead. Tesla reports after the bell Tuesday, Facebook-parent Meta is on deck Wednesday, while Apple, Intel and Microsoft all report Thursday.
There is some potentially bigger news in the back part of this this week, with GDP due out on Thursday and a key inflation reading on Friday, when the Commerce Department reports personal consumption expenditures price index data for March. The PCE deflator is the Fed's preferred inflation gauge.
In Japan, the Nikkei 225 was up 1% Monday, while in Hong Kong, the Hang Seng leaped 1.8%.
Oil prices inched up one cent to $83.15 U.S. a barrel.
Gold prices fell $57.50 to $2,356.30 U.S. an ounce.
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