US pre-open: Futures higher ahead of busy week for tech earnings

29th Jul 2024 11:09

(Sharecast News) - Wall Street futures were in the green ahead of the bell on Monday as investors braced for a week full of big-name tech earnings.

As of 1300 BST, Dow Jones futures were up 0.42%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.44% and 0.66% firmer, respectively.

The Dow closed 654.27 points higher on Friday, extending gains recorded in the previous session.

Trade Nation's David Morrison said: " Has the tech sector pulled back enough for investors to buy again, irrespective of earnings? Will further disappointments trigger another wave of selling? If the latter, will funds continue to pour into smaller stocks? There's a lot to consider. And that's before adding in monetary policy meetings from the Federal Reserve, Bank of Japan and Bank of England, and US non-farm Payrolls on Friday. This may prove to be the decisive week ahead of the summer's main holiday month."

In the corporate space, fast-food giant McDonald's missed quarterly revenue estimates amid a worsening consumer pullback, while video games company Capcom said quarterly profits had almost halved and retailer Loews said Q2 earnings and revenue had grown on the back of its strong insurance and gas pipeline.

Still to come, Microsoft, Facebook parent company Meta Platforms, Apple and Amazon will all report their latest numbers before the end of the week.

On the macro front, the Dallas Federal Reserve's July manufacturing index will be published at 1530 BST.

Later this week, attention will turn to the Federal Reserve's two-day policy meeting set to kick off on Tuesday, with the central bank expected to keep rates steady on Wednesday.

Reporting by Iain Gilbert at Sharecast.com