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Stock futures rose Sunday evening as investors looked ahead to a widely expected interest rate cut by the Federal Reserve and a raft of Big Tech earnings reports.
S&P 500 futures and Nasdaq 100 futures were up roughly 0.7% and 0.9%, respectively. Futures tied to the Dow Jones Industrial Average added 290 points, or 0.6%.
Investors expect the Fed to slash rates at its meeting on Oct. 29, particularly after the Bureau of Labor Statistics released cooler-than-expected inflation data last week. Slightly more than 96% of investors expect a deep rate cut to 375 to 400 basis points, while 3.8% are betting on a reduction to 400 to 425 basis points, according to the CME FedWatch Tool.
Big Tech companies’ upcoming earnings reports are also on tap. Several “Magnificent 7” stocks, including Alphabet, Amazon, Apple, Meta Platforms and Microsoft, will release their third-quarter results this week. And if earlier Q3 reports are any indication, the companies could post stronger-than-expected financial results.
U.S. President Donald Trump and China President Xi Jinping are scheduled to meet in South Korea on Thursday in an attempt to ease trade tensions, an event that could offer significant clarity and reassurance to investors.
U.S. Treasury Secretary Scott Bessent recently indicated that talks between the leaders have been “constructive, far-reaching, in-depth,” which could move the needle on negotiations.
A trade deal between the U.S. and China would be a boon for Big Tech stocks, contributing to a broader market bull run, according to Disruptive Technology analyst Dan Ives.
“It appears a much broader trade framework/deal could be on the table this week between US and China which would be a huge groundbreaking moment for the tech sector and markets,” Ives said Sunday in a note to clients.
Stocks are coming off a bullish week, with all three major indices hitting record highs last Friday. The Dow Jones Industrial Average added roughly 1%, or 472.51 points, to 47,207.12 — its first-ever close above the 47,000 mark. The S&P 500 ticked up 0.79% to 6,791.69, while the Nasdaq Composite rose 1.15% to 23,204.87.
