After moving mostly higher last week, stocks may see some further upside in early trading on Monday. The major index futures are currently pointing to a modestly higher open for the markets, with the Dow futures up by 35 points.
The markets may continue to benefit from recent upward momentum, which has helped lift the Dow and the S&P 500 to new record highs.
A largely positive reaction to the latest earnings news has contributed to the recent strength on Wall Street, as most big-name companies have reported better than expected quarterly results.
Earnings news will continue to pick up steam this week, with a slew of well-known companies scheduled to report their quarterly results.
Facebook (FB), General Electric (GE), UPS (UPS), Alphabet (GOOGL), Coca-Cola (KO), General Motors (GM), McDonald’s (MCD), Ford (F), Amazon (AMZN), Apple (APPL), and Exxon Mobil (XOM) are just a few of the companies due to report their results this week.
Trading activity may be somewhat subdued on Monday, however, as a lack of major U.S. economic data may keep some traders on the sidelines.
Some traders may also be reluctant to make significant moves ahead of the Federal Reserve’s monetary policy meeting next week.
The Fed is likely to leave interest rates unchanged but could announce plans to begin scaling back its asset purchase program.
Following the upward trend seen over the past several sessions, stocks turned in a mixed performance during trading on Friday. While the tech-heavy Nasdaq moved to the downside, the Dow reached a new record closing high.
The Dow fluctuated over the course of the session but ended the day up 73.94 points or 0.2 percent at 35,677.02. Meanwhile, the Nasdaq slid 125.50 points or 0.8 percent to 15,090.20 and the S&P 500 edged down 4.88 points or 0.1 percent to 4,544.90 after ending Thursday’s trading at a record closing high.
Despite the mixed performance on the day, the major averages all moved notably higher for the week. The S&P 500 surged up by 1.6 percent, while the Nasdaq and the Dow jumped by 1.3 percent and 1.1 percent, respectively.
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Monday. Japan’s Nikkei 225 Index slid by 0.7 percent, while China’s Shanghai Composite Index advanced by 0.8 percent.
The major European markets have also turned mixed on the day. While the French CAC 40 Index has edged down by 0.1 percent, the German DAX Index is up by 0.3 percent and the U.K.’s FTSE 100 Index is up by 0.4 percent.
In commodities trading, crude oil futures are surging $1.21 to $84.97 a barrel after jumping $1.26 to $83.76 a barrel last Friday. Meanwhile, after climbing $14.40 to $1,796.30 an ounce in the previous session, gold futures are rising $8.10 to $1,804.40 an ounce.
On the currency front, the U.S. dollar is trading at 113.76 yen versus the 113.50 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is trading at $1.1593 compared to last Friday’s $1.1643.
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