Traders work on the floor of the New York Stock Exchange.
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U.S. stock futures were flat in overnight trading Sunday after the major averages logged gains for April, and the Dow Jones Industrial Average notched its best month since January.
Futures tied to the Dow dipped 3 points, while S&P 500 and Nasdaq-100 futures inched 0.02% and 0.04% lower, respectively.
Stocks are coming off a winning week and month. On Friday, the blue-chip index added 272 points, or 0.8%, while the S&P 500 rose 0.83%. The Nasdaq Composite advanced 0.69% as Big Tech earnings took center stage.
For the month, the Dow gained 2.5% to notch its best monthly stretch since January, while the benchmark index gained 1.5%. The tech-heavy index posted marginal gains.
Earnings reports from major tech companies dominated much of last week’s market debate, fueling the narrative that earnings are faring better-than-feared, despite many widespread macroeconomic concerns.
So far, a little over half of S&P 500 companies have reported earnings, with more than 79% and about 72% surpassing earnings and sales expectations, respectively. First-quarter earnings are currently on track to fall 3.7% for the period, a smaller drop than the 6.7% decline projected on March 31, according to FactSet.
“There was definitely a very positive surprise on the big tech earnings,” said Jan Szilagyi, CEO of Toggle AI. “There was a certain trepidation going into the earnings season,” as expectations called for relative weakness.
Reports from many of these technology giants helped to lift some market confidence, he added.
Elsewhere, CNBC reported over the weekend that regulators have called on banks to submit a final offer for embattled lender First Republic, under pressure from deposit flight in the wake of Silicon Valley Bank’s collapse. JPMorgan Chase and PNC are among the likely bidders.
The latest update comes after the bank reported last week that deposits tumbled more than 40% in the first quarter, triggering further…
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