Friday, October 22, 2021

Stock futures are up slightly after a losing day

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Traders on the floor of the New York Stock Exchange

Source: NYSE

Stock futures rose slightly in overnight trading Monday after worries about slowing growth sparked a sell-off on Wall Street.

Dow Jones Industrial Average futures gained 45 points. S&P 500 futures and Nasdaq 100 futures were up 0.1%.

The spread of the delta coronavirus variant continued to keep investors nervous. The seven-day average of daily coronavirus cases in the U.S. reached 72,790 on Friday, surpassing the peak seen last summer when the nation did not have a licensed Covid-19 vaccine, according to data compiled by the Centers for Control. and Disease Prevention.

“The delta variant of the virus is now spreading rapidly in the United States and a modest decline in activity cannot be ruled out,” said Solita Marcelli, CIO Americas at UBS, in a note. “But any possible slowdown should be somewhat muted.”

Concern over slowing growth caused Treasury yields to drop on Monday. The yield on the benchmark 10-year Treasury bond fell as much as 8 basis points to 1.15%. Monday’s drop in bond yields followed data showing that the US manufacturing sector expanded at a slower pace than a month ago.

A sell-off at the end of the day in economically sensitive stocks like materials and industrials eventually pushed the Dow and S&P 500 into the red. The top-of-the-line Dow rose 250 points to hit an all-time high at one point, but finished nearly 100 points lower on Monday.

Investors are closely monitoring progress in Washington as lawmakers move toward a bipartisan infrastructure bill that would dedicate $ 550 billion to US infrastructure. Senate Majority Leader Chuck Schumer has aim to rush legislation of 2,702 pages via camera ahead of a planned month-long hiatus beginning Aug.9.

Meanwhile, the second-quarter earnings season continues with Under Armor, Lyft, Eli Lilly and Amgen among the companies to report Tuesday.

So far, 88% of S&P 500 companies have reported a positive earnings surprise for the second quarter, marking the highest percentage since FactSet began tracking this metric in 2008.

“Rising earnings are supporting valuation,” Terry Sandven, chief equity strategist at US Bank Wealth Management, said in a note. “Rising revenue and earnings, generally contained inflation, relatively low interest rates, ongoing fiscal and monetary stimulus policies, and COVID-19 medical progress support our outlook for rising US stocks in the second half of 2021 “.

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