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US Equity Futures Treadmill As Investors Wait For Big Tech Earnings, Oil Hits Multi-Year Highs




  • U.S. stocks were muted on Monday, as investors braced for Facebook to launch a week of Big Tech earnings.
  • Inflationary pressures are returning to the fore after Fed Chief Powell and Treasury Chief Yellen said it would last until 2022.
  • Brent crude hit $ 86 a barrel, hitting its highest level since October 2018, as supply issues escalated.
  • Sign up for our daily newsletter here, 10 things before the opening bell.

U.S. stocks were roughly flat as investors waited for profits from Facebook, Amazon and Apple, while Brent crude futures hit their highest levels since 2018, fearing the supply might remain tight.

Futures contracts on the Dow Jones and S&P 500 were roughly flat. Futures on the Nasdaq rose 0.2% at 6:45 am ET, suggesting a muted open later.

Investors are bracing for third-quarter earnings from Facebook, which launches quarterly reports from megacap technicians on Monday. Microsoft and Alphabet’s results are expected on Tuesday, with updates from Apple and Amazon on Thursday.

Snap shares plunged last week after the maker of the messaging app warned Apple’s changes to iPhone privacy settings would affect its digital advertising business. Investors will be watching if other ad-dependent technologies are sounding the same alarm.

Quarterly reports from Visa, General Electric and other big names are also on the bridge, with a total of 165 S&P 500 companies expected to report this week, according to Deutsche Bank.

But lingering concerns about growth and inflation have brought back talks about the Federal Reserve’s plans to reduce its effects – seen as very likely to be announced next week. This weighs on the markets, analysts said.

“Inflation will remain a strong focus for markets over the coming week, as investors’ expectations for future inflation have reached new multi-year highs in recent days,” said the Deutsche Bank strategist. , Jim Reid, in a note.

Fed Chairman Jerome Powell said on Friday that the central bank should begin the process of reducing economic support by cutting its monthly asset purchases, but that it was not yet time to raise rates.

Powell noted that “supply constraints and high inflation are expected to last longer than expected and into next year, and so will the pressure on wages.”

Treasury Secretary Janet Yellen said on Sunday that inflation will remain high until mid-2022.

Positive news from Evergrande helped drive gains in Asia. The Chinese real estate developer said on Monday that work had resumed on more than 10 real estate projects in China. But China’s warning that its latest COVID-19 outbreak is likely to spread raises fears of further restrictions.

The Shanghai Composite rose about 0.8%. Meanwhile, the Tokyo Nikkei fell 0.7% and the Hong Kong Hang Seng remained broadly stable.

HSBC, Europe’s leading lender crushed third quarter estimates with a quarterly profit before taxes of 5.4 billion dollars, against a target of 3.78 billion dollars.

London’s FTSE 100 was up 0.5%, Euro Stoxx 600 was roughly flat, and Frankfurt DAX was up 0.2%.

Oil prices are likely supported by comments from the Saudi Energy Minister, who said OPEC + will continue to take a cautious stance in increasing production, ING analysts said.

In an interview with Bloomberg on Saturday, the minister warned against take price increases for granted because the pandemic could still hit the demand for oil.

“No further increase in supply beyond the expected level can be expected from OPEC + in the near future, in other words,” Commerzbank analyst Carsten Fritsch said in a note.

Brent crude crossed $ 86 a barrel to reach its highest level since October 2018. West Texas Intermediate rose 1.07% to its highest level in seven years at $ 84.75 a barrel.

Read more: John Rogers has become a legend building a portfolio of cheap and neglected stocks that have returned 4,550% over 35 years. He told us how the COVID crash cemented his approach and the market trends he is monitoring for future gains.




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