NEW YORK, NEW YORK – OCTOBER 16: Traders and others work on the New York Stock Exchange (NYSE) floor in New York City.
U.S. stock futures ticked higher Sunday night after the Dow Jones Industrial Average and S&P 500 notched their best weekly win streaks of 2024.
Dow Jones Industrial Average futures rose by 44 points, or 0.1%. S&P 500 futures and Nasdaq 100 futures climbed 0.13% and 0.16%, respectively.
The moves come after both the S&P 500 and 30-stock Dow registered all-time highs on Friday, cementing a sixth straight weekly advance that is this year's best for both benchmarks. The S&P 500 ended the week 0.85% higher, while the Dow closed up 0.96%. The Nasdaq Composite climbed 0.80%.
Whether stocks can sustain those gains may depend on whether companies can beat expectations this earnings season, which is set to ramp up this week. Roughly one-fifth of S&P 500 companies are set to report through Friday.
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Thus far, the results have been mixed. Of the 14% of S&P 500 companies that have already posted third-quarter results, 79% have beaten expectations, according to FactSet's John Butters. However, the magnitude of those beats have been more lackluster, he noted.
The recent winning streak has investors optimistic equities still have further to run. Still, they are mindful that stretched valuations, ahead of the U.S. presidential election and amid rising geopolitical risks, could also mean further choppiness.
"If we're not really getting the kind of confirmation that the market is worth this elevated price, you know, then we could end up seeing a digestion of gains come fairly soon," said Sam Stovall, chief investment strategist at CFRA Research.
Money Report
Elsewhere, on the economic front, leading indicators for September are due out Monday, at 10 a.m. ET.
Where earnings stand
Of the 14% of S&P 500 companies that have posted results thus far this earnings season, 79% of them have exceeded expectations, as of Friday's close, according to FactSet.
But companies are picking up the pace this week. Roughly one-fifth of S&P 500 companies are set to report results Monday through Friday.
— Sarah Min
Leading indicators due out Monday
Leading indicators for the month of September is due out Monday, at 10 a.m. ET.
Economists polled by FactSet expect it to show a 0.3% decrease last month, down from a 0.2% dip in the prior reading.
— Sarah Min
Stock futures open little changed
Stock futures opened little changed Sunday night.
Dow Jones Industrial Average futures rose by 36 points, or 0.08%. S&P 500 futures and Nasdaq 100 futures climbed 0.09% and 0.08%, respectively.
— Sarah Min
