US stock futures muted as oil stays above $100 ahead of earnings
SPY•US stock futures were little changed Monday, with the Dow up 0.08%, the S&P 500 up 0.12% and the Nasdaq down 0.05%. Brent crude stayed above $100 a barrel as investors awaited bank earnings and US inflation data.
1. Futures barely move
US stock futures were little changed on Monday as investors monitored oil prices and geopolitical developments ahead of key bank earnings and inflation data due this week. Brent crude remained above $100 a barrel after deadly strikes on Riyadh's international airport over the weekend.
2. Earnings and inflation
Earnings season begins Tuesday, with Wells Fargo, Goldman Sachs, Citigroup and JPMorgan Chase scheduled to report first. S&P 500 earnings are expected to rise 30.6% in the third quarter, LSEG IBES data showed. Investors will also watch consumer and producer price data and retail sales; headline CPI is expected to rise 0.6% monthly and 3.7% annually, while core inflation is seen increasing 0.2% monthly and 2.5% annually.
3. Rate outlook
Markets are pricing in a 19% chance that the Federal Reserve will raise interest rates this month. Treasury yields reached 24-year highs earlier this month as elevated energy prices stoked concerns that inflation could remain persistent.
