Wall Street futures were in the green before the bell Monday as stocks look to extend gains posted in their first strong session of 2023.
As of 1230 GMT, Dow Jones futures were up 0.31%, while the S&P 500 and Nasdaq 100 futures opened the indexes up 0.40% and 0.48%, respectively.
The Dow closed a whopping 700.53 points higher on Friday after nonfarm payrolls came in slightly higher than expected.
Monday marks the start of another week of key macroeconomic data, with last month’s CPI being released on Thursday, while earnings will also be in focus, such as: Bank of America, Bank of New York Mellon, BlackRock, Wells Fargo, JPMorgan Chase, Citigroup and Delta Airlines all report their latest quarterly figures on Friday.
As for bank earnings, investors will focus on the level of provisioning for bad loans and mortgages, as rising interest rates, while good for earnings, are likely to impact higher-than-expected interest rates on credit quality, loan growth, and net interest margins.
Capitol Hill also drew a lot of investor attention after Republican Kevin McCarthy finally became Speaker of the US House of Representatives after struggling through 15 rounds and four days of chaotic voting. However, many see McCarthy’s future job as even more difficult than his path to picking up the hammer in the first place.
James Hughes of Scope Markets said: “Wall Street looks for a slightly positive start to weekly trading, with markets continuing to digest Friday’s better-than-expected payrolls amid rising risks of a US recession.
“The concessions made on the election of a new House Speaker in Washington also have the ability to cast some shadows on the US political front as lawmakers continue to focus on raising the debt ceiling in the coming months In the futures markets, the bulls appear to have the edge for now.”
Today’s macro listing releases consumer credit change data for November at 2000 GMT.
in the corporate sector, above Shares were trading higher premarket after analysts at Piper Sandler upgraded the stock to “overweight.”
Elsewhere, WD-40 will report the result after the close of trading.
Reporting by Iain Gilbert on Sharecast.com
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