Stock futures exhibited minimal fluctuations in anticipation of a week filled with significant technology earnings reports and a Federal Reserve meeting concerning interest rates. In the interim, oil prices experienced an uptick following President Donald Trump’s decision to abandon plans for sending representatives to Pakistan for peace negotiations with Iran. The Dow Jones Industrial Average experienced a decline of 0.1%, while Nasdaq 100 futures indicated a rise of 0.2%. Meanwhile, S&P 500 futures remained relatively unchanged in recent trading activity. Equities concluded Friday predominantly in positive territory, buoyed by the significant rise in Intel’s stock, as both the Nasdaq Composite and S&P 500 marked their fourth consecutive week of gains, achieving new intraday and closing highs. The Dow’s winning streak concluded after three weeks.
This week, market participants will direct their focus towards the Federal Reserve meeting and a series of earnings reports from major technology firms. The Federal Open Market Committee is scheduled to announce its interest-rate decision on Wednesday, with the prevailing expectation that the committee will maintain the federal funds rate within the range of 3.5% to 3.75%. Meanwhile, five of the Magnificent Seven tech giants will report results, with Alphabet, Amazon, Meta Platforms, and Microsoft on Wednesday and Apple on Thursday; the septet’s shares were mostly lower before the bell, with Meta down 0.2% after China blocked its planned $2 billion acquisition of AI startup Manus.
Oil futures experienced an increase but subsequently reduced their gains on Monday following President Donald Trump’s decision to cancel the planned visit of U.S. officials Jared Kushner and Steve Witkoff to Pakistan for “direct talks” with Iranian officials. West Texas Intermediate futures, the U.S. crude oil benchmark, increased by 0.7% to $95 a barrel in recent trading, whereas Brent crude, the global benchmark, rose by 1% to surpass $100. The 10-year Treasury yield, a key determinant of interest rates on mortgages and various consumer loans, increased to 4.32%, up from Friday’s closing level of just under 4.31%. Gold futures experienced a decline of 0.5%, settling at $4,720 per ounce. Bitcoin experienced a decline, falling to $77,800 after reaching overnight peaks of $79,500. The U.S. dollar index, which monitors the value of the greenback relative to a selection of foreign currencies, registered a decline of 0.2%, standing at 98.32.
Shares of Intel were up a further 2% in premarket trading after soaring 24% to a record high Friday, breaking a high mark that had stood since 2000. Qualcomm, whose shares jumped 11% Friday, surged 13% early Monday on a report the semiconductor designer was working with OpenAI to develop smartphone processors. Domino’s Pizza shares fell 4.5% after the company reported weaker-than-expected quarterly results. Verizon Communications experienced a 4% increase following the announcement of its better-than-expected profit results. Organon shares soared 17% after the Jersey City, N.J.-based women’s healthcare firm agreed to be acquired by India’s Sun Pharmaceutical Industries for $11.75 billion.