Stock Futures are Rising with Earnings Season, Fed Minutes Ahead

Dow Jones
3 hours ago

Stock futures were rising on Sunday as Wall Street prepares for start of earnings season this month and as the nation heads into the final weeks before the midterm elections.

Just after 6 p.m. Eastern time, S&P 500 futures were up 0.1%, while Nasdaq 100 futures were up 0.2%, and Dow futures were up 57 points, or 0.1%.

The three major U.S. stock indexes ended last week with mixed results. The Dow Jones Industrial Average closed down 651.66 points, or 1.3%, while the S&P 500 closed down 0.3%, in its largest decline one-week point and percentage gain since the week ending Sept. 11.

But the tech-heavy Nasdaq Composite closed up nearly 0.5%, notching its largest three-week point and percentage gain since the week ending Aug. 14, according to Dow Jones Market Data.

The Dow is up 6.5% this year, the S&P 500 is up 12.8% year to date, and the Nasdaq is up 17%.

Earnings season kicks off this week with reports from big companies like Delta Air Lines. But investors have also been adjusting to higher Treasury yields. This week, the Federal Reserve will release the minutes from its September meeting, when policymakers unanimously voted to raise the federal funds rate by a quarter of a percentage point. On Friday, the University of Michigan will release its Consumer Sentiment survey for October.

President Donald Trump and his administration officials continue to say the economy is booming. National Economic Council director Kevin Hassett told CNN's State of the Union that he isn't "buying" the polls that say Americans aren't happy with Trump's handling of the economy, calling it "a classic Democrat move."

An AP/NORC poll released Thursday found 82% of Americans disapprove of Trump's handling of the cost of living heading into the midterm elections, in which Republicans are fighting to keep their majority in both houses of Congress.

The poll showed 73% of Americans disapprove of Trump's handling of the economy, up from a 66% disapproval rate in July.

Crude oil futures (West Texas Intermediate) gained 0.2% on Friday, to settle at $91.26 a barrel, while brent crude, the international standard, rose 0.4%, to $102.61 a barrel.

The average price for a gallon of regular unleaded is $4.370 a gallon on Sunday, up from $4.147 a gallon last month and $3.140 a gallon a year ago, according to AAA.

Diesel prices are averaging $6.343 a gallon, up from $5.850 a gallon a month ago and $3.695 a gallon a year ago.

 

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