XRX - US Stock Futures Surge Ahead Of Microsoft Google Earnings: Analyst Says 'Magnificent Seven' Unlikely To See Tesla-Like Volatility After Results | Benzinga
Buoyed by earnings optimism, stocks appear on track for a positive open on Tuesday after the tech-heavy Nasdaq Composite Index snapped a four-day losing streak in the previous session. The uptick in bond yields could reignite anxiety among traders. although earnings will likely be front and center in Tuesday’s session. Mega-caps Alphabet, Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) and Microsoft Corp. (NASDAQ:MSFT) are set to announce their earnings after the market close. Traders will likely closely watch the reports and management commentary to make sense of what could be in store for the rest of the tech pack.
The preliminary private sector activity readings for October scheduled after the market close and the direction of oil prices could also have a bearing on the market movement.
Cues From Monday's Trading:
The major averages meandered to a mixed close on Monday, as apprehensions over rising bond yields, earnings, and the geopolitical situation gave way to optimism amid a pullback in yields. The major averages opened lower but cut their losses in early trading and moved into positive territory. Some of the upsides were aided by bargain hunting following multi-session declines.
The Nasdaq Composite and the S&P 500 Index remained firmly in the green before diverging in late trading. While the former closed higher for the session, the latter ended modestly lower, extending its losing streak to the fifth straight session. The Dow Industrials stayed mostly in the red before ending moderately lower.
Energy, material, financial, real estate, utility, and IT services stocks lost ground in the session, while gains by communication services and IT stocks helped mitigate some of the weakness.
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