U.S. stock futures were flat on Monday morning as investors braced for a busy week of corporate earnings reports. Futures on the S&P 500 (SPX), the Dow Jones Industrial Average (DJIA), and the Nasdaq 100 (NDX) were up by about 0.08%, 0.04%, and 0.07%, respectively, at 4:10 a.m. EST, October 14.
On Friday, the financial sector provided a much-needed boost, with JPMorgan Chase (JPM) gaining 4.4% after posting a strong Q3 earnings report. Further, Wells Fargo (WFC) climbed 5.6% higher on Q3 earnings beat. This fueled a 0.97% and 0.61% jump in the Dow Jones and the S&P 500, respectively, with both setting new record highs. Further, the Nasdaq Composite closed up 0.33%.
Investors should note that Tesla (TSLA) stock plummeted 8.8% following its underwhelming robotaxi event. In contrast, the lackluster reaction to Tesla’s event sparked a surge in ride-sharing stocks, which are set to compete with self-driving taxis. Uber Technologies (UBER) led the way, climbing 10.8% to reach a new all-time high, while Lyft (LYFT) experienced a 9.6% increase.
On the economic data front, investors will be keeping an eye on several reports, including September Retail Sales, Industrial Production, Housing Starts, and Building Permits, which are scheduled for release this week.
Moving to the earnings calendar, major banks like Citigroup (C), Bank of America (BAC), and Goldman Sachs (GS) are set to release their quarterly results this week. Also, key tech and consumer companies such as Netflix (NFLX), TSMC (TSM), ASML Holdings (ASML), Walgreens (WAL), and Procter & Gamble (PG) will report results later in the week.
Meanwhile, the U.S. 10-year treasury yield was up slightly at the time of writing, floating near 4.096%. At the same time, WTI crude oil futures trended lower, hovering near $74.27 per barrel as of the last check.
Elsewhere, European markets experienced mixed performance on Monday morning, struggling to gain momentum following a volatile week.
Asia-Pacific Markets Traded Mixed on Monday
Asia-Pacific indices traded mixed today. Chinese stocks gained after the government disclosed its fiscal stimulus plan over the weekend. Also, investors looked forward to key economic data from the region, including China’s GDP and Japan’s CPI, later this week.
At the time of writing, Hong Kong’s Hang Seng index was down 0.86%. However, China’s Shanghai Composite and Shenzhen Component indices gained by 2.07% and 2.65%, respectively. Further, Japan’s Nikkei 225 index was up 0.57%, but the Topix index finished lower by 0.24%.
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