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U.S. equity futures jumped on Monday as investors looked for a batch of megacap technology earnings to keep driving the NASDAQ Composite to new heights this week. A cooling geopolitical situation also aided risk sentiment.
Futures for the Dow Jones Industrials jumped 184 points, or 0.4%, to 42.505.
Futures for the S&P 500 gained 29.25 points, or 0.5% to 5,875.25.
Futures for the NASDAQ Composite Index powered ahead 129.50 points, or 0.6%, to 20,628.25.
The market was split at the end of last week. On Friday, the tech-heavy NASDAQ jumped to a new intraday all-time high. On the flip side, the Dow shed more than 200 points. The broad-market S&P 500 inched lower in the previous session.
Both the Dow and S&P snapped a six-week winning streak, but the Nasdaq eked out its seventh positive week in a row.
Weekend airstrikes by Israel against Iran did not target oil or nuclear facilities as was feared and oil futures were lower in early trading.
Wall Street is bracing for a big week in markets that will mark the busiest week of third-quarter earnings reporting season and the final week before the Nov. 5 U.S. Presidential election. Five of the Magnificent Seven companies – Alphabet, Microsoft, Meta Platforms, Amazon and Apple – are scheduled to report third-quarter earnings.
Traders are also watching for a slew of key economic data this week, including the September jobs report due Friday; the September personal consumption expenditures, or PCE, price index, expected Thursday; and a preliminary reading on third-quarter gross domestic product out on Wednesday.
In Japan, the Nikkei 225 hiked 1.8% Monday, while in Hong Kong, the Hang Seng cleared breakeven 0.04%.
Oil prices slumped $4.16 to $67.62 U.S. a barrel.
Gold prices fell $10.60 to $2,744.
