As investors braced for a week of significant corporate earnings and a possible interest rate hike from the Federal Reserve, stock futures fell Monday morning.
Dow Jones Industrial Average futures fell 178 points, or about 0.52%. He S&P 500 futures fell 0.76%, while the Nasdaq 100 futures fell 1.1%.
Wall Street had a profitable week as the stock market rally continued in January. For the week, the Nasdaq Composite gained 4.3%, while the S&P 500 Y Dow it gained 2.5% and 1.8%, respectively.
The following are the rally tests for this week. McDonald’s and General Motors report Tuesday as part of a busy week for corporate earnings, and tech giants Meta Platforms, Amazon, Apple and Alphabet report later in the week.
The Federal Open Market Committee will meet Tuesday and Wednesday. Also, the Fed should raise interest rates by a quarter of a point. Investors are watching for signs of how much the central bank will raise interest rates to combat inflation.
This week brings a slew of US tech gains, which are expected to provide more clues for global tech stocks.
Asian markets
On Monday, most Asian stock markets fell as investors remained cautious ahead of this week’s Federal Reserve meeting and important economic data. When trading started again after a week-long hiatus, Chinese stocks rose sharply.
from China Shanghai Composite indices and Shanghai Shenzhen CSI 300 they rose 1.2% and 0.7%, respectively. Meanwhile, markets are betting that the country’s economy will be further boosted by the country’s first Lunar New Year holiday without COVID restrictions in three years. According to state media, travel and domestic consumption had risen sharply in the previous week.
The Chinese government also stated over the weekend that it intends to increase spending and boost domestic consumption.
This week, markets will be looking for data on Chinese business activity to see how much the economy benefited from the pullback from the COVID measures.
Broader Asian markets have pulled back as attention turns back to a Federal Reserve meeting this week.
The worst performers of the day were technology stocks, with Hong Kong Hang Seng Index falling 1.8% due to heavy losses in bigs like Tencent Holdings Ltd. Y Alibaba Group Holding Ltd.
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