Investing.com-- U.S. stock index futures rose in evening deals on Sunday as Israel avoided striking Iran’s nuclear and oil facilities in a weekend attack, pointing to a less severe escalation in Middle Eastern tensions.
Focus this week was squarely on a barrage of mega-cap technology earnings, as well as several key economic indicators for more cues on corporate health and the economy.
Wall Street indexes were mixed over the past week, as traders piled into technology stocks over other economically sensitive sectors.
S&P 500 Futures rose 0.4% to 5,871.25 points, while Nasdaq 100 Futures rose 0.5% to 20,597.75 points by 19:14 ET (23:14 GMT). Dow Jones Futures rose 0.4% to 42,468.0 points.
Oil prices slide, risk appetite improves as M.East fears ease
Oil prices plummeted early Monday, while risk appetite improved after Israel launched a retaliatory strike against Iran over the weekend, but avoided hitting key nuclear and oil facilities.
Iran also signaled limited damage from the attack, drumming up hopes that a bigger conflict will not break out in the Middle East.
Still, Tehran said it would retaliate over the attack.
Nasdaq hits record high as mega-cap tech earnings approach
Wall Street indexes clocked a mixed close on Friday, with the Nasdaq hitting a record intraday high, while the S&P 500 and Dow both floundered below recent peaks.
Positioning in technology stocks ramped up before a string of key technology earnings this week, with five of Wall Street’s “Magnificent Seven” set to report in the coming days.
Alphabet Inc (NASDAQ:GOOGL) will report on Tuesday, while Meta Platforms Inc (NASDAQ:META) and Microsoft Corporation (NASDAQ:MSFT) will report on Wednesday.
Apple Inc (NASDAQ:AAPL) and Amazon.com Inc (NASDAQ:AMZN) are then set to report on Thursday.
The five firms make up a large chunk of market valuations on Wall Street, with their earnings likely to act as a bellwether for the broader market. This week's earnings are also expected to show whether the artificial intelligence trade remained in play, as major companies ramped up capital spending on the new technology.
The S&P 500 ended flat at 5,808.12 points on Friday, while the NASDAQ Composite rose 0.6% to 18,518.61 points. The Dow Jones Industrial Average closed down 0.6% at 42,114.40 points.
Beyond the major earnings, focus this week is also on a string of key economic readings.
House price data, gross domestic product data for the third quarter, and PCE price index data- the Federal Reserve’s preferred inflation gauge- are due in the coming days.
The 2024 presidential election is also set to take place in a week.