Merchants work on the ground of the New York Inventory Trade (NYSE) on October 15, 2021 in New York Metropolis.
Spencer Platt | Getty Photos
Inventory futures edged decrease in in a single day buying and selling Sunday after the Dow Jones Industrial Common notched its third constructive week in a row at a document excessive.
Dow futures dipped 100 factors. S&P 500 futures and Nasdaq 100 futures each fell about 0.2%.
Wall Road is coming off a successful week on the again of robust company earnings. The blue-chip Dow gained greater than 1% final week and closed Friday at a document. The S&P 500 rallied 1.7% final week, additionally posting its third straight constructive week and hitting an all-time excessive Friday.
Of the 117 firms within the S&P 500 which have reported earnings thus far, 84% posted numbers that beat expectations, in keeping with Refinitiv. S&P 500 firms are anticipated to develop revenue by about 35% within the third quarter.
“Rising tide of earnings is lifting all of the boats and including gas to the bull market hearth,” mentioned Anu Gaggar, world funding strategist at Commonwealth Monetary Community. “The 3Q earnings season is off to a powerful begin regardless of considerations about provide bottlenecks and labor shortages.”
A few of the greatest know-how firms are slated to report earnings this week, together with Fb, Alphabet, Microsoft, Amazon and Apple. A 3rd of the Dow firms additionally is about to launch quarterly outcomes this week, together with Caterpillar, Coca-Cola, Boeing and McDonald’s.
Main averages have all registered strong good points for October. The Dow and the S&P 500 are each up greater than 5%, whereas the Nasdaq Composite has climbed 4.4% month thus far.
Main the October rally within the broader market has been the power sector, which is up 11% this month. Industrials, actual property, supplies and financials have all popped at the very least 7% over the identical interval.
“Transports, shopper discretionary, and large-cap tech have led the market increased these previous two weeks, signaling that progress worries round provide chain constraints are starting to fade,” mentioned Lindsey Bell, chief funding strategist at Ally Make investments.
https://www.cnbc.com/2021/10/24/stock-market-futures-open-to-close-news.html | Dow futures fall 100 factors after the blue-chip common notches third successful week in a row