Stock futures rise slightly with S&P 500, Nasdaq on six-day losing streak

Stock futures rise slightly with S&P 500, Nasdaq on six-day losing streak

The S&P 500 break doesn't mean it's time to be an uber bear, says RBC's Lori Calvasina

The S&P 500 rose Monday as Wall Street tried to rebound from a pullback last week, with Middle East tensions easing. Traders also looked ahead to the release of major tech earnings.

The broad market index traded 0.4% higher, while the Nasdaq Composite advanced 0.6%. The Dow Jones Industrial Average climbed 116 points, or 0.3%. Both the S&P 500 and Nasdaq are riding six-day losing streaks and fell 3.1% and 5.5%, respectively, last week.

U.S. crude prices fell more than 1% after Iran said it will not escalate the conflict with Israel.

The moves higher come as ahead a potentially big week for earnings, with the focus on Magnificent Seven tech companies.

“There are probably two dynamics at work behind the better tone in global stock markets this morning, the decline in gold and oil prices, and the steadiness (rather than rise) in the USD,” said Thierry Wizman, global FX & rates Strategist at Macquarie. “For one, concern over a spreading regional war in the Middle-East has faded. The movement away from a wider conflagration, and back to a ‘shadow war is probably why US bond yields are higher today.”

Companies including Tesla, Meta Platforms, American Airlines, Microsoft and Alphabet all set to report in the week ahead. Tesla reports after the bell Tuesday, Facebook-parent Meta is on deck Wednesday, while Apple, Intel and Microsoft all report Thursday.

There is some potentially bigger news in the back part of this this week, with GDP due out on Thursday and a key inflation reading on Friday, when the Commerce Department reports personal consumption expenditures price index data for March. The PCE deflator is the Fed’s preferred inflation gauge.

The Fed meets again April 30-May 1, with officials now in the quiet period ahead of the meeting.

Stocks open higher

Stocks ticked higher on Monday, with Wall Street looking to rebound from a string of losses last week.

The S&P 500 inched up 0.4%, while the Nasdaq Composite added 0.32%. The Dow Jones Industrial Average climbed 94 points, or 0.61%.

— Brian Evans

See the stocks making premarket moves

These are some of the stocks making notable moves before the bell on Monday:

  • Li Auto, Tesla — The electric vehicle makers slid more then 7% and 3%, respectively, following price cut announcements. U.S. shares of Chinese electric vehicle makers Nio and Xpeng retreated in tandem.
  • Verizon — The telecommunications giant traded 1.5% higher as earnings per share topped expectations and full-year guidance was affirmed.
  • Hut 8 — Shares gained 2.6% after Benchmark initiated coverage of the data center operator with a buy rating.

See the full list here.

— Alex Harring

Verizon shares rise after smaller-than-expected subscriber loss

A person walks by a Verizon store on January 23, 2024 in Corte Madera, California. 

Justin Sullivan | Getty Images

Shares of telecommunications giant Verizon were 2% higher in premarket trading after the company shed less subscribers than expected in the first-quarter.

Verizon surpassed Wall Street’s earnings estimates in the first-quarter, reporting an $1.15 per share excluding items compared to an estimate from analysts polled by FactSet that forecast $1.12. Verizon’s first-quarter revenue of $33 billion was slightly below estimates that called for $33.32 billion.

— Brian Evans

Europe stocks open higher

European stocks opened higher Monday, with the benchmark Stoxx 600 index up 0.5% by 8:05 a.m. London time.

The U.K.’s FTSE 100 climbed 1.1%, while France’s CAC 40 was 0.5% higher and Germany’s DAX was up 0.7%.

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Stoxx 600.

The price of bitcoin was relatively calm over the weekend after another “halving” for the cryptocurrency.

— Jesse Pound, Tanaya Macheel

Futures open higher

Traders work on the trading floor at the New York Stock Exchange on April 5, 2024.

Andrew Kelly | Reuters

The three key futures contracts rose when trading opened at 6 p.m. in New York. Dow futures were briefly up 100 points.

— Jesse Pound

Last week in review

Here’s where the key averages stand after Friday’s decline in tech:

  • The S&P 500 fell 0.88% on Friday, its sixth negative session in a row.
  • The S&P 500 closed the week down 3.05%.
  • The Nasdaq Composite fell 2.05% on Friday, its sixth negative session in a row.
  • The Nasdaq Composite finished the week down 5.52%.
  • The Dow gained 211 points, or 0.56%, on Friday, its second positive session in a row.
  • The Dow closed the week up 0.01%.

— Jesse Pound, Christopher Hayes

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