Global stocks rise slightly as market awaits tech earning

Major central banks are set to meet in Tokyo and Washington on Wednesday and London on Thursday, with traders struggling to decide if the Bank of Japan will hike interest rates and then when and by how much the Federal Reserve and Bank of England will cut them. Asian equity markets rebounded on Monday as risk sentiment improved, with technology stocks leading the gains. Futures tied to the Dow Jones Industrial Average climbed 87 points, or about 0.2%. S&P 500 futures gained 0.2%, while Nasdaq 100 futures added 0.3%. The S&P 500 dipped 0.8%, while the tech-heavy Nasdaq Composite fell 2.1%. However, the Dow rose 0.8% and the small-cap Russell 2000 rose 3.5%.

Summary for 29. 07.2024

US stock futures rose on Monday as investors look forward to another batch of earnings reports from mega-cap technology companies. Apple, Amazon, Microsoft and Meta Platforms are all slated to report their latest quarterly results this week.

The central bank / Fed is widely expected to hold interest rates steady, but traders will be looking for clues on how aggressively the Fed will cut rates in the coming months.

Last week, the S&P 500 and Nasdaq Composite fell 0.83% and 2.08%, respectively. Meanwhile, the Dow and Russell 200 gained 0.75% and 3.5%, respectively, as investors rotated out of mega-cap tech names into interest rate sensitive stocks such as small-caps.

Asian shares rose the most in more than two weeks, heading into a week of major central bank decisions and big tech earnings releases. The yen climbed.

Benchmark indexes gained in markets from Australia to Japan and Hong Kong, tracking Friday’s strong showing on Wall Street as bets grew on Federal Reserve policy easing. US futures also marched higher Monday.

European markets were poised to open higher Monday as investors digest U.S. inflation data and look ahead to another busy week of earnings and central bank meetings.

China’s industrial profits grew at a faster clip in June, official data showed on Saturday, even as businesses were grappling with a downshift in consumers’ sentiment amid a shaky economic recovery.

WTI crude oil futures rose towards $77.5 per barrel on Monday, trimming an over 1% decline in the previous session, driven by fears of a potential full-scale war in the Middle East.

Bitcoin touched the highest level since mid-June after Donald Trump expanded his pro-crypto agenda and as expectations for US Federal Reserve interest-rate cuts bolstered investor sentiment.

Venezuelan President Nicolas Maduro has won a third term with 51% of the vote, the country’s electoral authority said just after midnight on Monday, despite multiple exit polls which pointed to an opposition win.

Other major firms set to report earnings this week include McDonald’s, Starbucks, Boeing, Exxon Mobil and Chevron. Markets also await the Federal Reserve’s policy decision this week whilst European giants Heineken, Philips, Pearson and Associated British Foods all reporting during the session are also set to report.

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