On a poor day of economic announcements, earnings may be in focus on Monday. The main announcements today will be the production index and prices for agricultural goods.
The Fed’s monetary policy decision, manufacturing and services activity, labor productivity and factory orders are the key messages this week.
After the Fed’s announcement next Wednesday, the focus will likely shift to the Labor Department’s monthly jobs report, which is due next Friday.
The Russian invasion of Ukraine is creating a headache in the European region and causing problems with energy prices around the world. Adding more problems is the fact that Russia launched new missile strikes. The strike at Energy sites has reportedly left more than 350,000 households without power.
As of 7:45 a.m. ET, Dow futures were down 88.00 points, S&P 500 futures were down 11.50 points and Nasdaq 100 futures were down 55.00 points.
The major US averages hit new highs at the close on Friday. The Dow rose 828.52 points, or 2.6 percent, to 32,861.80, the Nasdaq added 309.78 points, or 2.9 percent, to 11,102.45 and the S&P 500 jumped 93.76 points, or by 2.5 percent, to 3,901.06.
On the economic front, the ISM – Chicago PMI for October will be released at 9:45 am ET. The consensus is 47.3, up from 45.7 in the previous month.
The Dallas Fed’s October manufacturing survey will be released at 10:30 am ET. The consensus is for a decline of 18.0, while it fell to 17.2 in September. The production index was 9.3 last month.
The six-month T-bill auction will take place at 11:30 a.m. ET.
The Department of Agriculture’s farm prices for September will be released at 3:00 PM ET.
Asian stocks were mostly higher on Monday. China’s Shanghai Composite fell 0.77% to 2,893.48, while Hong Kong’s Hang Seng fell 1.18% to 14,687.02.
Japanese stocks rose. The Nikkei average rose 1.78 percent to 27,587.46, marking a six-week high. The broader Topix index closed 1.60 percent higher at 1,929.43.
Australian shares rose on the day. The benchmark S&P ASX 200 rose 1.15 per cent to 6,863.50 and posted a 6 per cent gain for October. The broader All Ordinaries ended 1.17% higher at 7,054.80.
On the other side of the Atlantic, New Zealand’s benchmark NZX-50 index jumped 1.88 percent to settle at 11,338.43.
U.S. stocks rose sharply on Friday as fresh data showing a slowdown in inflation and solid personal income and spending readings outweighed weak earnings reports from megacaps technologies companies.
The Dow rose 2.6 percent, hitting a two-month high and snapping its longest winning streak since November 2021, while the tech-heavy Nasdaq Composite rose 2.9 percent and the S&P 500 rose 2.5 percent.
European stocks are trading mostly higher. Among the major indexes in the region, France’s CAC 40 index fell by 3.46 points or 0.06 percent. Germany’s DAX rose 37.24 points or 0.29 percent, while Britain’s FTSE 100 gained 15.10 points or 0.21 percent.
The Swiss Market Index adds 15.19 points or 0.14 percent.
The Euro Stoxx 50 index, which is a compilation of 50 blue-chip stocks in the euro zone, rose 0.17 percent.
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