US stock futures slip lower; deluge of Q3 earnings due

U.S. stock index futures slipped slightly Monday, consolidating near record levels with the focus squarely on a string of key earnings from the technology sector. 

At 05:50 ET (09:50 GMT), Dow Jones Futures fell 35 points, or 0.1%, S&P 500 Futures dropped 7 points, or 0.1%, and Nasdaq 100 Futures slipped 60 points, or 0.3%.

Positive bank and tech earnings over the past week saw a number of the main Wall Street indexes hit record highs, with the broad-based S&P 500 and 30-stock Dow Jones Industrial Average registering all-time highs on Friday, cementing a sixth straight weekly advance, the year’s best for both benchmarks.

But momentum now appeared to be somewhat stalling, as anticipation of an upcoming Federal Reserve meeting and a hotly contested U.S. presidential election kept investors wary. Stretched valuations among U.S. stocks also raised the possibility of near-term losses.  Tech earnings on tap this week 

Tesla (NASDAQ:TSLA ) will be the biggest company to report this week, with the electric vehicle maker’s earnings in close focus after the revealing of its robotaxi earlier this month largely underwhelmed. 

The EV maker also missed expectations for its third-quarter deliveries, which is likely to factor into softer earnings for the quarter when it reports on Wednesday. 

Prints from a string of major chipmaking firms are also due this week, coming after earnings from industry bellwethers ASML (NASDAQ:ASML ) and TSMC (NYSE:TSM ) provided mixed cues on demand. 

Texas Instruments (NASDAQ:TXN ), Western Digital Corporation (NASDAQ:WDC ) and Lam Research Corp (NASDAQ:LRCX ) are among the majors chip stocks set to report, while in the broader tech sector, IBM (NYSE:IBM ), is also due this week. 

Beyond tech, earnings from major defense firms are also due this week, with Rtx Corp (NYSE:RTX ), Lockheed Martin (NYSE:LMT ), L3Harris Technologies (NYSE:LHX ), General Dynamics (NYSE:GD ) and Northrop Grumman (NYSE:NOC ) set to report in the coming days. 

Telecom majors T-Mobile US (NASDAQ:TMUS ), Verizon Communications (NYSE:VZ ) and AT&T (NYSE:T ) are also due. 

Planemaker Boeing (NYSE:BA ) is set to report on Wednesday, with focus squarely on its cash position as the company grapples with its first major strike in over a decade.  Quiet economic data week 

It’s set to be a relatively quiet week on the U.S. economic calendar, but investors will get an update on the health of the housing sector with reports due out on both existing and new home sales . There are also reports on durable goods orders, consumer sentiment and initial jobless claims .

On Wednesday, the Fed will publish its Beige Book , a readout on economic conditions in the central bank’s 12 districts.

Market participants will also get a chance to hear from several regional Fed officials during the week, including Minneapolis Fed President Neel Kashkari, Kansas City Fed President Jeffrey Schmid, San Francisco Fed President Mary Daly, Philadelphia Fed President Patrick Harker and Richmond Fed President Thomas Barkin. Crude rebounds  

Oil prices rose Monday, rebounding to a degree after last week's sharp losses as energy traders parsed the gloomy demand outlook for top importer China and the ongoing conflict in the Middle East.

By 03:10 ET, the Brent contract climbed 0.7% to $73.59 per barrel, while U.S. crude futures (WTI) traded 0.9% higher at $69.31 per barrel.

Brent settled more than 7% lower last week, while U.S. crude futures lost around 8%, marking their biggest weekly declines since early September.

Data on Friday showed that China’s economy grew at the slowest pace since early 2023 in the third quarter, though September consumption and industrial output beat forecasts.

Meanwhile, uncertainty remains over how the conflict in the Middle East will develop, and whether it will have a significant impact on supply from the oil-rich region.

(Ambar Warrick contributed to this article.)

Source: Investing.com