Wall St set for steady open as oil jumps ahead of key earnings
SPY•U.S. stock indexes were set for a muted open, with Dow and S&P 500 futures up 0.13% and 0.05%, while Nasdaq futures fell 0.22%. Brent crude rose above $106 a barrel as investors awaited bank earnings and U.S. inflation data.
1. Muted market open
At 8:31 a.m. ET, Dow E-minis rose 0.13%, S&P 500 E-minis gained 0.05% and Nasdaq 100 E-minis fell 0.22%. Brent crude traded above $106 a barrel, its highest level in about two weeks, after deadly weekend strikes on Riyadh's international airport.
2. Earnings and inflation ahead
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, according to LSEG IBES data. Investors are also watching U.S. consumer and producer prices and retail sales due this week; headline CPI is expected to rise 3.7% annually and core inflation 2.5%.
3. Premarket movers
IREN rose 3.5% after a report that Anthropic had entered a multi-year cloud deal with the data-center firm. IonQ slipped 4% after announcing an all-stock deal to buy privately held Elisity in a transaction valued at up to $1.3 billion. Salesforce gained 4% after BofA Global Research upgraded its rating to buy from underperform.
