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Futures contracts are stable before the first trading day in November


Traders work on the floor of the New York Stock Exchange (NYSE) in New York, October 27, 2021.

Brendan McDermid | Reuters

U.S. equity futures edged up in overnight trading on Sunday as investors braced for the first trade in November.

Market participants are bracing for another week of corporate earnings, a key Federal Reserve meeting on Wednesday and the October jobs report.

Dow futures rose 80 points. S&P 500 futures gained 0.25% and Nasdaq 100 futures gained 0.25%.

Shares closed October on Friday and the top three averages closed at record highs. The S&P 500 and the Nasdaq both had their best months since November 2020.

The Dow Jones Industrial Average rose 5.8% in October. The S&P 500 was up 6.9% last month, and the tech-focused Nasdaq Composite rose 7.3% in October. The month marked a rebound from September, when the major indices fell.

The corporate earnings season dominated October amid strong earnings backdrop, despite concerns about the global supply chain. About half of the S&P 500 companies released quarterly results and more than 80% of them beat Wall Street analysts’ earnings estimates, according to Refinitiv.

As the earnings season continues this week, investors will also follow the two-day Federal Reserve meeting on Tuesday and Wednesday. The central bank is expected to widely announce that it will begin unwinding its $ 120 billion in monthly bond purchases and end the program entirely by the middle of next year.

Investors will also be attentive to the Fed’s comments on the price hike as inflation hits its highest level in 30 years.

“The Fed is part of a global movement to remove accommodation, and the market is just going beyond that,” said Peter Boockvar, CIO of Bleakley Advisory Group. “In a way, the stock market is playing a chicken game, with this development of inflation and interest rates and the response of central banks.”

The other big event of the week will be the October employment report from October Friday, which may show some improvement in hiring, as new cases of Covid-19 continue to decline.

“The change in the non-farm payroll is expected to be a robust 450,000, which is expected to further lower the unemployment rate,” said Jim Paulsen, chief investment strategist for Leuthold Group. “The key to the report will be to what extent wage inflation is rising and whether the rate of participation in the labor market finally picks up after so many people have recently received extended unemployment benefits.”

CNBC’s Patti Domm contributed to this report.




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