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U.S. equity futures bumped higher Monday as investors looked to extend a run of four consecutive weekly gains for the S&P 500 heading into a key stretch of earnings and Fed speakers highlighted by Nvidia’s first quarter update on Wednesday.
Stocks ended firmly higher on Friday, with the S&P 500 nudging its monthly advance to 6.3% and the Dow Jones Industrial Average closing north of the 40,000 point mark as easing inflation data and a robust first quarter earnings season continue to power global equity markets.
With around 93% of the S&P 500 reporting, collective first quarter profits are expected to rise 7.6% from last year to $468.9 billion, with the second quarter growth rate improving to around 10.5%.
Seventeen S&P 500 companies are expected to report first quarter updates and near-term outlooks this week, including Nvidia (NVDA) , Target (TGT) , Lowe’s (LOW) , Palo Alto Networks (PANW) and Nordstrom (JWN) .
Wall Street will focus on Nvidia’s highly-anticipated first quarter earnings slated for after the close of trading on Wednesday.
Global oil prices were in focus in the overnight session following new of a helicopter crash in Iran on Sunday that killed Iranian President Ebrahim Raisi, as well as the country’s foreign minister, triggering major leadership succession issues in the Islamic state.
Related: Nvidia earnings will be crucial to stock market zeitgeist this week
Brent crude contracts for July delivery, the global pricing benchmark, were last seen 21 cents lower at $83.76 per barrel while WTI contracts for June fell 7 cents to $79.99 per barrel.
In the bond market, benchmark Treasury yields were holding steady in the overnight session as investors looked to a series of coupon bond auctions, as well as minutes of the Fed’s May policy meeting, later in the week.
Benchmark 10-year note yields, which fell nearly 9 basis points last week following the softer-than-expected April inflation report, were last marked at 4.414% while -year notes held at 4.816%.
On Wall Street, futures contracts tied to the S&P 500, which is up 11.18% for the year, are priced for an 8 point opening bell gain.
Futures tied to the Dow, meanwhile, are indicating a 17 point advance while the tech-focused Nasdaq, which is up 11.16% for the year, is priced for a modest 40 point bump.
Related: Analyst updates S&P 500 price target after CPI inflation surprise
Meme stocks GameStop (GME) and AMC Entertainment (AMC) were back on the move as the most active names in pre-market trading, but their early gains were modest in comparison to their early surges last week, rising just 4% and 2.7% respectively in premarket trading.
More Wall Street Analysts:
Analyst unveils new Nike price target ahead of big summer for sportsAnalysts weigh in on Google-parent Alphabet’s stock after cloud eventAnalysts revamp Disney stock price target after proxy fight
In overseas markets, Europe’s Stoxx 600 was marked 0.17% higher in early Frankfurt trading, and just a few points shy from its all-time high, while Britain’s FTSE 100 added 0.26% in London ahead of a key inflation release later in the week.
Overnight in Asia, Japan’s Nikkei 225 reclaimed the 39,000 point mark for the first time in over a month, thanks to a 0.73% gain to start the week, while the region-wide MSCI ex-Japan benchmark rose 0.3% into the close of trading.
Related: Single Best Trade: Wall Street veteran picks Palantir stock
