Stock futures inch higher ahead of a busy week of earnings
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U.S. stock index futures were modestly higher during overnight trading Sunday as Wall Street looks ahead to a busy week of earnings.
Futures contracts tied to the Dow Jones Industrial Average added 0.25%. S&P 500 futures were up 0.4%, while Nasdaq 100 futures advanced 0.5%.
The major averages are coming off a losing week, despite a Friday relief rally that saw the Dow jump more than 650 points. The 30-stock benchmark shed 0.16% on the week. The S&P 500 and Nasdaq Composite fell 0.93% and 1.57%, respectively.
Friday's relief rally came as traders bet that the Federal Reserve will be less aggressive at its upcoming meeting. The Wall Street Journal reported Sunday that the central bank is on track to lift interest rates by 75 basis points at its meeting later this month.
Still, it was the second negative week in the last three for all the major averages. Recession fears have been front and center in recent weeks as market participants worry that aggressive action from the Fed — in an effort to tame decades-high inflation — will ultimately tip the economy into a recession.
«Markets are likely to remain volatile in the coming months and trade based on hopes and fears about economic growth and inflation,» Mark Haefele, chief investment officer at UBS Global Wealth Management, said in a recent note to clients.
«A more durable improvement in market sentiment is unlikely until there is a consistent decline both in headline and in core inflation readings to reassure investors that the threat of entrenched price rises is passing,» he added.
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