Stock futures jump on Monday after a rollercoaster week as major earnings reports come out

Traders on the floor of the NYSE, August 4, 2022.

Source: NYSE

Stock futures rose on Monday as investors priced major earnings reports after a wild week of trading.

Dow Jones Industrial Average futures gained 290 points, or 1%. S&P 500 and Nasdaq 100 futures rose 1.2% and 1.4% respectively.

Monday’s moves came as the pound rose on further policy reversals by the UK government. Britain’s new finance minister, Jeremy Hunt, has announced that almost all planned tax cuts will be scrapped. The pound traded up 1% at $1.127 to the US dollar.

The S&P 500 just came out of its fourth negative week in five with a 1.6% loss last week. A higher-than-expected inflation reading fueled wild price swings in markets as investors readjusted their expectations for upcoming Federal Reserve rate hikes.

“As inflation stays elevated for longer and the Fed increases further, the risk increases that the cumulative effect of policy tightening will push the U.S. economy into recession, undermining the outlook for corporate earnings,” Mark said. Haefele, CIO at UBS Global Wealth Management. a rating.

Meanwhile, the third quarter earnings season has begun. Investors are watching whether US companies will revise their outlook down in the face of stubbornly high inflation and the economic slowdown.

Bank of America Monday reported better-than-expected results, sending the stock higher into the stock higher in the pre-market. Bank of New York Mellon also released results that beat analysts’ expectations. JPMorgan Chase and Wells Fargo posted strong results last week, while Morgan Stanley’s stock trading earnings disappointed.

Many notable tech names are also reporting this week, including netflix, You’re here and IBM. Johnson & Johnson, United Airlines, AT&T, Verizon and Procter & Gamble are other big companies on investors’ radar.

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