Nasdaq futures lifted by Big Tech as focus turns to earnings

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  • Futures: Down 0.06%, S&P flat, Nasdaq up 0.21%
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Oct 12 (Businesshala) – Gains in technology stocks kept Nasdaq futures afloat on Tuesday, while futures tracking the Dow and the S&P 500 were under pressure from concerns of higher inflation and its impact on third-quarter earnings starting this week. Were.

Mega-cap growth names including Microsoft Corp (MSFT.O), Facebook Inc (FB.O), Amazon.com Inc (AMZN.O), Google-parent Alphabet (GOOGL.O) and Tesla (TSLA.O) are higher . In premarket trading.

Tesla rose 0.7% in September after the electric vehicle maker reported sales of 56,006 China-made vehicles, the most since it began production in Shanghai nearly two years ago.

Oil firms including Exxon Mobil (XOM.N) and Chevron Corp (CVX.N) rose 0.1% and 0.3%, respectively, as Brent crude hit a nearly three-year high on fears of energy shortages.

Higher oil prices and supply chain disruptions have raised alarm bells for businesses and consumers ahead of the third-quarter reporting season that begins Wednesday with JPMorgan Chase & Co (JPM.N) results.

Charlambos Pisoros, Head of Research at JFD Group, said: “We believe that market participants may be concerned about higher energy prices, which will further accelerate inflation, and thus lead to rapid tightening by major central banks.” Will go.”

Shares of JPMorgan and other major US lenders declined.

According to IBES data from Refinitiv as of Friday, analysts expect S&P 500 companies’ profits to rise 29.6% year-over-year in the third quarter.

At 6:42 a.m. ET, the Dow E-Minis were down 22 points, or 0.06%, the S&P 500 E-Minis was up 0.25 points, or 0.01%, and the Nasdaq 100 E-Minis was up 31 points, or 0.21%.

Investors also took note of the release of the Federal Reserve’s meeting minutes on Wednesday, while inflation and retail sales data will be examined to gauge the pace of the economic recovery.

MGM Resorts International (MGM.N) rose 2.2% after Credit Suisse upgraded the US casino operator’s stock from “neutral” to “outperform”.

Reporting by Devik Jain in Bengaluru; Editing by Soumyadev Chakraborty

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