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US Stocks Look To Extend Gains Ahead Of Key Tech Earnings, FOMC Meeting: Analyst Says This 'Could Serve As A Fundamental Catalyst For Small And Mid-Cap'
Index futures trading indicates cautious optimism as traders anticipate a busy week, with a slew of earnings reports, the two-day Federal Open Market Committee meeting starting Tuesday, and Friday’s non-farm payrolls report. Traders may look to take a position in stocks that have pulled back during the recent market retreat ahead of what they perceive to be a strong reporting season.
Microsoft Corp. (NASDAQ:MSFT), Apple, Inc. (NASDAQ:AAPL), Amazon, Inc. (NASDAQ:AMZN) and Meta Platforms, Inc. (NASDAQ:AMZN) are among the key tech earnings due this week, potentially setting the tempo for the market.
Futures
Performance (+/-)
Nasdaq 100
+0.61%
S&P 500
+0.41%
Dow
+0.39%
R2K
+0.60%
In premarket trading on Monday, the SPDR S&P 500 ETF Trust (NYSE:SPY) moved up 0.38% to $546.50, and the Invesco QQQ ETF (NASDAQ:QQQ) gained 0.57% to $465.63, according to Benzinga Pro data.
Cues From Last Week:
U.S. stocks meandered to a mixed close in the week ended July 26, with the Nasdaq Composite and the S&P 500 declining for a second straight week amid some disappointing tech earnings. The blue-chip Dow Jones Industrial Average rose moderately, while the Russell 2,000 Index advanced notably for the week.
The major averages started the week on a positive note but negative reactions to earnings from the likes of Tesla, Inc. (NASDAQ:TSLA) and Alphabet, Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) pushed the tech-heavy Nasdaq Composite and the S&P 500 Index lower for the next three sessions. With the Fed’s favorite inflation gauge released Friday coming in tamer than expected, the indices rebounded and yet ended the week notably lower. ...