US pre-open: Futures higher as investors await more earnings

29th Apr 2024 11:36

(Sharecast News) - Wall Street futures were in the green ahead of the bell on Monday as investors brace for more corporate earnings, some key labour market data and the outcome of the Federal Reserve's two-day policy meeting.

As of 1310 BST, Dow Jones futures were up 0.13%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.19% and 0.29% firmer, respectively.

The Dow closed 153.86 points higher on Friday, while the S&P 500 wrapped up its best weekly performance since November.

Tesla shares were higher in pre-market trading after the electric vehicle manufacturer struck a deal with China's Baidu to help it roll out its self-driving technology across the nation amid decelerating revenues, while Domino's Pizza shares headed north after reporting better-than-expected quarterly earnings.

Apple, AMD, McDonald's, Coca-Cola and Amazon will all deliver earnings before the week is out.

Trade Nation's David Morrison said: "US stock indices had a solid close on Friday led by the tech sector. Last week saw four members of the 'Magnificent Seven' report earnings. Overall, these were positive and helped to boost sentiment following a particularly poor start to April and the second quarter.

"The overall positivity from the tech giants helped to offset disappointing data which showed a sharp slowdown in US growth, and rising inflation. Put together, that raised the spectre of stagflation - tepid growth and high inflation. Investors are assigning an increased probability of just one 25 basis point rate cut in 2024, rather than the six forecast just a few months ago."

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

Later in the week, the Federal Reserve will make its latest interest rate decision on Wednesday, while April's nonfarm payrolls report will be out on Friday.

Reporting by Iain Gilbert at Sharecast.com