US stock futures drift with Q3 earnings, Fed speakers in spotlight

Investing.com--U.S. stock index futures drifted in muted trading Monday as investors hunkered down as the third-quarter earnings season picks up this week, while several Federal Reserve officials are scheduled to provide more cues on monetary policy. 

At 05:40 ET (09:40 GMT), Dow Jones Futures fell 20 points, or 0.1%, S&P 500 Futures rose 6 points, or 0.1% and Nasdaq 100 Futures climbed 33 points, or 0.2%. 

Wall Street indexes hit record highs on Friday following stronger-than-expected earnings from JPMorgan Chase (NYSE:JPM ) and Wells Fargo & Company (NYSE:WFC ). Q3 earnings season picks up this week 

The third-quarter earnings season is set to pick up in earnest this week, with more results from the country's banking giants as Bank of America (NYSE:BAC ), Citigroup (NYSE:C ) and Goldman Sachs (NYSE:GS ) are set to report on Tuesday, and Morgan Stanley (NYSE:MS ) on Wednesday.

Additionally, Johnson & Johnson (NYSE:JNJ ), chipmaking bellwether ASML (AS:ASML ) and streaming giant Netflix (NASDAQ:NFLX ) are due to report during the week. 

Investors will be largely focused on whether corporate earnings were able to persevere despite pressure from high interest rates and sticky inflation. 

Earnings from the tech sector will also be closely watched for more cues on artificial intelligence-driven demand, especially for the chipmaking sector. 

Boeing (NYSE:BA ) will also be in the spotlight Monday, with managers at the aircraft manufacturer likely to find out more details about plans to slash around 17,000 positions, around 10% of its global headcount. Fed speakers in focus 

This week also sees addresses from a number of Fed officials, which are likely to provide more cues on the central bank’s plans to cut interest rates further.

Governor Christopher Waller , Minneapolis Fed President Neel Kashkari  are expected to speak later on Monday, and there is strong interest in what they might say about the central bank's rate outlook.

Markets will get another update on the health of the U.S. consumer on Thursday, in the form of the latest retail sales  data.

Investors will also study the latest news about additional stimulus in China, the second largest economy in the world.

China’s finance ministry said in a weekend briefing that it will implement fiscal stimulus measures, including more debt issuance and support for provincial governments. But the government did not provide key details on the timing and scale of the plans. Crude slumps on Chinese worries 

Oil prices fell sharply Monday, retreating after the Chinese inflation data and fiscal stimulus plans raised doubts about the health of the country's economy.

By 05:40 ET, the Brent contract dropped 2.3% to $77.21 per barrel, while U.S. crude futures (WTI) traded 2.4% lower at $73.77 a barrel.

Figures released over the weekend showed consumer price growth in China unexpectedly eased in September, while producer prices marked nearly two years of contraction -- data which bodes poorly for demand in the world’s biggest oil importer.

A monthly report from the Organization of the Petroleum Exporting Countries is due later in the day and is likely to provide more cues on supply, while the Middle East conflict remains in focus.

(Ambar Warrick contributed to this article.)

Source: Investing.com