Jeenah Moon | Reuters
Futures tied to the Dow Jones Industrial Average added 53 points, or 0.1%. S&P 500 futures and Nasdaq-100 futures also rose 0.1% each.
On Friday, stocks rose to close out the week, with the blue-chip Dow adding 250 points, or 0.5%, to close at 51,176.46, while the broad market S&P 500 climbed 0.7% to 7,722.72. The tech-heavy Nasdaq Composite rallied 1.2% to 27,190.86, after hitting an all-time high earlier in the session.
Stocks are coming off a week defined by surging Treasury yields and a surprisingly lackluster jobs report that helped ease concerns about another Fed rate hike this month. The data provided some relief after a week of pressure from rising bond yields.
Still, Treasury yields remain a key focus for investors, with the 10-year yield climbing to its highest level in more than two decades and raising concerns that higher borrowing costs could weigh on stocks even if the Fed holds rates steady in the near term.
Tech stocks led Friday’s advance, with Nvidia hitting an all-time high intraday and the Nasdaq reaching a record. Investors will be watching whether that momentum carries into the new week.
With a light economic calendar ahead, investors will be watching geopolitical and market developments before earnings season gets underway.
“The light data calendar means that the investors will be responding to the ebb and flow of geopolitical and market specific developments matched against the latest batch of reasonably supportive economic reports, all ahead of the unofficial start of the reporting season with JP Morgan’s results on October 13,” said Gary Schlossberg, global strategist for Wells Fargo Investment Institute.
On Monday, investors will be watching the Institute for Supply Management’s services activity report. Also on the calendar are minutes from the Fed’s September meeting on Wednesday and the University of Michigan’s preliminary October consumer sentiment reading, due Friday.
Still on deck this week for the current earnings season are Constellation Brands, Levi Strauss, PepsiCo, Delta Air Lines and others.
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