US stock futures rose on Monday, as traders tried to add to the sharp gains seen last week.
Futures tied to the Dow Jones Industrial Average rose 259 points, or 0.8. S&P 500 futures and Nasdaq 100 futures gained 0.8% and 0.6%, respectively.
The moves come after another volatile week for stocks as the third-quarter earnings season heats up. The major averages had their biggest weekly gains since June, with the Dow advancing 4.9%. The S&P 500 and Nasdaq rose 4.7% and 5.2%, respectively.
A portion of those gains came on Friday, when the Dow rallied more than 700 points, while the S&P 500 and Nasdaq each emerged around 2.3%.
Investors will be on the lookout for earnings from tech giants such as Apple, Alphabet, Amazon and Microsoft this Sunday. Wall Street will also be on the lookout for more inflation data, with the October manufacturing and services purchasing managers’ indexes due on Monday.
“The S&P 500 rose +4.7% on the week, with the energy/materials and technology sectors underperforming and defensive sectors in an important reversal of the broad trend since early August,” said by Raymond James analyst Tavis McCourt in a note on Sunday. “Whether the rally is sustainable, or to what degree, is not known, but the reasons appear to be changes in EPS, which look better than feared so far (similar to 2Q), along with the expectation that the a front-end loaded Fed cycle could end in early 2023.”
So far, earnings reports have had mixed results for stocks. On Friday, bank stocks Goldman Sachs and JPMorgan Chase gained more than 4% after reporting results. But not all results have been solid — Snap fell 28% after reporting missed earnings.