US stock futures edge higher; weekly losses likely ahead of mega tech earnings

Investing.com -- U.S. stock index futures edged higher Friday as investors hunkered down before a string of major technology earnings, as well as the highly-influential monthly jobs report, in the coming week. 

At 05:30 ET (09:30 GMT), Dow Jones Futures rose 115 points, or 0.3%, S&P 500 Futures climbed 16 points, or 0.3% and Nasdaq 100 Futures gained 65 points, or 0.3%. 

The S&P 500 and the NASDAQ Composite rose Thursday, boosted by positive earnings from Tesla (NASDAQ:TSLA ), while the Dow Jones Industrial Average lagged.

However, these indices were still on course for losses this week, which would snap six-week win streaks for all three. Risk appetite remained frail, and there has also been some profit-taking after a series of record highs earlier in October.  Mega tech earnings due next week 

The third-quarter earnings season is set to peak next week, with five of Wall Street’s so-called “Magnificent Seven” set to report earnings.

Alphabet (NASDAQ:GOOGL ) will report on Tuesday, followed by Meta Platforms (NASDAQ:META ) and Microsoft (NASDAQ:MSFT ) on Wednesday. Apple (NASDAQ:AAPL ) and Amazon (NASDAQ:AMZN ) will then report on Thursday. 

The five firms represent a large chunk of overall market capitalization in Wall Street, with their earnings likely to act as a bellwether for the broader market. Focus will be squarely on whether artificial intelligence proved to be a major earnings driver, especially amid increased capital expenditures on the fast-growing sector. 

Beyond the Magnificent Seven, a barrage of other Wall Street majors are set to report next week, including Advanced Micro Devices (NASDAQ:AMD ), Caterpillar (NYSE:CAT ), Visa (NYSE:V ), Ford (NYSE:F ), and Uber Technologies (NYSE:UBER ).

Ahead of this, earnings are due Friday from the likes of Colgate-Palmolive (NYSE:CL ), AutoNation (NYSE:AN ) and Newell Brands (NASDAQ:NWL ), while L3Harris Technologies (NYSE:LHX ) and DexCom (NASDAQ:DXCM ) will also be in the spotlight are reporting earnings after the close Thursday.  Payrolls loom large 

The economic data slate Friday includes durable goods and Michigan consumer sentiment, and markets will be looking for clues of the strength of the US economy after being spooked by rising Treasury yields, as investors positioned for a slower pace of rate cuts by the Federal Reserve.

However, eyes will quickly turn to the release of the influential monthly jobs report, at the end of next week, after last month's release came in much hotter than expected and curbed expectations of more hefty Fed cuts.

Increased odds of a Donald Trump presidency, over Kamala Harris, also saw markets positioning for inflationary U.S. policies in the coming years.  Crude on track for weekly gains 

Oil prices edged higher Friday, on track for a weekly gain as tensions in the crude-rich Middle East ensured a risk premium remained within the market.

By 05:30 ET, the Brent contract climbed 0.4% to $74.69 per barrel, while U.S. crude futures (WTI) traded 0.5% higher at $70.52 per barrel.

Both contracts are on course to register gains of around 2% this week as traders await Israel's response to a missile attack by Iran on Oct. 1 that could disrupt from the world’s top oil-producing region.

US and Israeli officials are set to restart talks for a ceasefire and the release of hostages in Gaza in the coming days, but hopes are not high as a number of previous attempts to reach a deal have failed.

(Ambar Warrick contributed to this article.)

   

Source: Investing.com