US stock futures rose on Monday, as traders tried to add to the sharp gains they saw last week.
Futures related to the Dow Jones Industrial Average rose 226 points, or 0.7%. S&P 500 and Nasdaq 100 futures rose 0.7% and 0.4%, respectively.
The moves come after another volatile week for stocks as the third-quarter earnings season heated up. The major averages posted their biggest weekly gain since June, with the Dow Jones advancing 4.9%. The S&P 500 and Nasdaq rose 4.7% and 5.2%, respectively.
Part of those gains came on Friday, when the Dow rose more than 700 points, while the S&P 500 and Nasdaq rose about 2.3%.
Investors will be watching profits from tech giants like appleAnd the the alphabetAnd the Amazon And the Microsoft this week. Wall Street will also be watching for more inflation data, with October manufacturing and services PMIs due on Monday.
“The S&P 500 is up 4.7% on the week, with the energy/materials, technology and defense sectors primarily outperforming in a broad-based reversal of the trend since early August,” analyst Raymond James Tavis McCourt said in a note on Sunday. “Whether the rally was sustainable, or to what degree, is unknown, but the reasons appear to be the EPS revisions, which look better than feared thus far (much like a 2Q), along with the expectation that the Fed cycle will be Front-loaded is about to be completed by early 2023.”
So far, earnings reports have had mixed results for stocks. On Friday, shares of banks Goldman Sachs and JPMorgan Chase rose more than 4% after the results were announced. But not all results were solid – Snap slipped 28% after reporting a profit loss.
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