Traders on the floor of the NYSE, October 21, 2022.
US stock futures edged higher on Monday as traders tried to add to the strong gains seen last week.
Dow Jones Industrial Average futures rose 91 points, or 0.3%. S&P 500 and Nasdaq 100 futures gained 0.3% and 0.1% respectively.
The moves come after another volatile week for stocks as the third-quarter earnings season heats up. The major averages posted their biggest weekly gains since June, with the Dow Jones rising 4.9%. The S&P 500 and Nasdaq rose 4.7% and 5.2% respectively.
Some of those gains came on Friday, when the Dow gained more than 700 points, while the S&P 500 and Nasdaq each rose about 2.3%.
“The equity market is trying to bottom out to reach the final leg of the bear market,” David Donabedian, chief investment officer of CIBC Private Wealth US, said in a Friday note. “It feels like a two-way market right now. We have a tug of war between skeptics and those who think it’s time to own stocks.”
So far, earnings reports have had mixed results for stocks. On Friday, bank stocks Goldman Sachs and JPMorgan Chase gained more than 4% after the earnings release. But not all results were strong – Snap lost 28% after reporting a shortfall.
There are more big deck earnings reports in the coming week, including tech giants such as Apple, Alphabet, Amazon and Microsoft. Wall Street will also be watching more inflation data – on Monday, the October manufacturing and services purchasing managers’ indices will be released.