Stock market today: Nasdaq leads US futures higher in wait for key data, Big Tech earnings

Published On Oct 28, 2024, 7:09 AM

U.S. stock futures rose on Monday as concerns about the Middle East conflict lessened. Focus is on the upcoming earnings reports from major tech companies, including Alphabet, Apple, and Amazon, which are expected to impact the overall market. Key economic data, including an inflation report and jobs data, is being closely watched, as these will inform future Federal Reserve policies regarding interest rates. Investors also reacted to a significant drop in oil prices.

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Stock Forecasts

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Positive

With the relief in geopolitical tensions and strong expectations for tech earnings, particularly from companies heavily invested in AI, the tech sector appears poised for positive momentum. This could spur a broader market rally as positive earnings reports emerge, boosting investor confidence.

SPYView SPY chart on TradingView

Negative

Given the forecast of slower earnings growth for tech megacaps, there is a potential risk of disappointment with earnings results. If the reports do not meet expectations, it could result in a negative sentiment for the broader market, particularly hitting tech stocks.

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