By Devik Jain

(Reuters). – U.S. Stock Index futures rose on Monday due to investors preparing for the earnings reports of heavyweight technology companies. However, PayPal (NASDAQ) soared after it stated that it is not interested in purchasing Pinterest.

Tesla (NASDAQ) Inc rose 2.6% during premarket trading following the raising of Model X and Model S prices by Tesla, an electric-car manufacturer, Morgan Stanley (NYSE:) Increased its target price for the stock from $900 to $1,200

Facebook Inc After markets close Monday, (NASDAQ:), will release quarterly results for megacap growth companies. Investors fear that the social media giant could lose its ad revenue due to Apple’s privacy updates. Snap Inc Third quarter revenues of the (NYSE:)

Microsoft (NASDAQ) as well as Alphabet, Alphabet and Amazon.com Inc will all report results this week.

These shares collectively make up more than 22% of the weightings in the were traded before the bell.

Jeffrey Halley of OANDA, Senior Market Analyst, Asia Pacific said, “After Snap caught an Apple in its throat,”.

“Additionally this week it is FAANG-sters heaven… which decides whether or not the U.S. earnings party continues, prior to the FOMC (Federal Open Market Committee), reaffirms its supremacy next week.”

Some strong earnings reports helped lift the S&P 500 and the Dow to record highs last week, with the benchmark index rising 5.5% so far in October to recoup all of the losses suffered last month.

Market participants now focus more than just the earnings figures and are keen to see how companies can reduce supply chain bottlenecks, labor shortages, or inflationary pressures in order to maintain growth.

Analysts expect S&P 500 earnings to grow 34.8% year-on-year for the third quarter, according to data from Refinitiv.

The economic data data for the United States will include readings of third quarter GDP (the Federal Reserve’s preferred inflation gauge), the core PCE Price Index and consumer confidence data. These data will be available later in the week.

6.50 am ET ET was up 16 points (or 0.04%), were up 6.25 point(s) and were up 41.25points, or0.27%.

PayPal Inc. surged 7.1% following the announcement by the payments company that it was not purchasing the digital pinboard website. Pinterest Inc This amount could reach as high as $45 billion.

Pinterest shares plunged 12.5%

Oil companies include Chevron Corp (NYSE: Exxon Mobil (NYSE: ) Prices rose by 0.5% per annum, bringing them to their highest level in three years. [O/R]

The shares of Wall Street’s major lenders also rose.

Carnival (NYSE:) Corp slipped 1.2% after Citigroup (NYSE) lowered the stock price of cruise operator to “neutral” instead of “buy”.