ZION - US Stocks Set To Open Fresh Week Higher On Big Tech Earnings Hopes: Analyst Warns Any Letdown Could Push Market 'Deeper Into Oversold Territory' | Benzinga
Wall Street appears to be shrugging off rate worries as major stock index futures were moderately higher in early pre-market trading on Monday in the hopes of getting some respite from Big Tech earnings.
Oversold conditions could be attracting bargain hunters who anticipate continued upside surprises from the “Magnificent Seven” tech companies reporting earnings this week.
These reports feature some of the biggest names in technology: Tesla, Inc. (NASDAQ:TSLA) kicks off the mega-cap earning this week on Tuesday followed by Meta Platforms, Inc. (NASDAQ:META) on Wednesday, Microsoft Corp. (NASDAQ:MSFT) and Alphabet, Inc. (NASDAQ:GOOGL) (GOOG) on Thursday.
Global markets also reflect this earnings optimism. Asian markets, excluding China, closed significantly higher, and European stocks opened on a firmer note.
Futures Performance On Monday ( as of 6:20 a.m. EDT)
Futures Performance (+/-)
Nasdaq 100 +0.76%
S&P 500 +0.59%
Dow +0.48%
R2K +0.60%
In premarket trading on Monday, the SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.60% to $498.15, and the Invesco QQQ ETF (NASDAQ:QQQ) gained 0.77% to $417.84, according to Benzinga Pro data.
Cues From Past Week’s Trading:
Rate worries that sent bond yields spiking higher in the wake of some strong economic data, geopolitical tensions, and mixed earnings weighed down on sentiment in the week ended April 19. Techs led the pullback, with traders opting to dump shares of ...