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U.S. Futures Edge Higher; Facebook Starts Tech Earnings Season -Breaking

by Mike Robinson

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© Reuters.

Peter Nurse   

Investing.com. U.S. stock prices open marginally higher Monday. They start the week cautiously ahead of the release earnings reports from several tech companies, such as Facebook (NASDAQ:), later in session. 

At 7:05 AM ET (11105 GMT), the contract was higher by 5 points (0.2%), traded 4 points (1.1%) higher and climbed 20 percent, or 0.1% at that time.

Four out of the five FAANG stocks are set to report earnings during the week – Facebook after Monday’s close, followed by Google parent Alphabet (NASDAQ:) on Tuesday, while Apple (NASDAQ:) and Amazon (NASDAQ:) are due Thursday.

This has been a key reason for the recent gains in the broad equities markets. The strong earnings and healthy growth have helped to drive Wall Street up.

After a strong week, the major indices are now on the winning side. Friday’s close by blue-chips was record breaking. They had gained over 1% in last week. Broad-based rallied 1.7% last Friday to hit an all-time high, while tech-heavy rose 0.5%.

PayPal (NASDAQ): Monday’s other topic of attention will be PayPal. The payments company stated over the weekend it wasn’t currently interested in acquiring Pinterest (NYSE). It was responding to reports it was considering buying the digital pinboard site.

On Monday the data table is almost empty, however the release of the third-quarter economic data on Thursday will show growth slowing down to 2.8% from the 6.7% recorded in the prior three months.

You can also monitor data on the following days: Thursday, Wednesday and Friday reports. This will provide the final big data point on inflation before next week’s Federal Reserve meeting in November.

Monday’s crude oil prices rose to new multi-year records. The global supply remains tight, and the demand is strong in light of Covid-19’s economic recovery.

Concerns about gas and coal shortages in China and India have helped to boost oil prices. This has prompted fuel switching from diesel to fuel oil where it is possible.

Futures were trading 0.9% higher at $84.53 per barrel by 7:01 AM ET. This is just 0.9% off October 2014’s highest. Contracts rose 0.7% to $85.27 just below the October 2018 peak.

The price of gold rose 0.3% to $1801.60/oz while it traded 0.2% lower at 1.1623

 

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