U.S. stock futures remained largely unchanged on Monday evening as investors prepare for a busy week filled with major corporate earnings, the Federal Reserve’s interest rate decision, and employment data release. The Dow Jones Industrial Average fell by 12 points or 0.03%, while S&P 500 futures decreased marginally at 0.04%. In contrast, Nasdaq 100 futures inched upwards by 0.02 percent.
Last week’s positive session was driven primarily by a surge in Tesla shares following the electric vehicle manufacturer surpassing an important milestone regarding advanced driver-assistance technology implementation in China. Apple also saw gains after receiving favorable feedback from analysts. The S&P 500 added 0.32%, while both Nasdaq Composite and Dow Jones Industrial Average rose by 0.35% and 146.43 points, respectively.
Despite the recent upturn, however, stock indices are projected to record their first negative monthly return since October due in part to a significant decrease in rate cut expectations compared with January’s starting figures as stubbornly high inflation and an enduring economy increased probabilities of prolonged interest rates hikes. The Dow Jones Industrial Average is expected to experience more than 3% loss for April, while the S&P 500 and Nasdaq Composite are anticipated to suffer losses exceeding 2%.
The upcoming week will be busy with Fed policymakers convening on Tuesday for a two-day meeting. Market analysts expect the central bank not to alter interest rates but worry that Jerome Powell’s post-meeting comments might become more hawkish after recent reports of hotter inflation figures. Major companies, including Amazon and Apple, are scheduled to release their quarterly results on Tuesday and Thursday this week as well; while firms like McDonald’s, Coca-Cola, Restaurant Brands International Inc., Eli Lilly & Co., PayPal Holdings Inc. Will unveil earnings before the opening bell tomorrow morning. Advanced Micro Devices Inc., Pinterest Inc., Super Micro Computer Inc., and Starbucks Corp will also report results after market close on Tuesday.
The April employment data is scheduled to be released at week’s end, closing this packed business calendar out in style.\
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