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(Bloomberg) — US stock futures rose into the first trading day of the month as attention turned to this week’s heavy slate of earnings reports.
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S&P 500 futures advanced 0.6% at 7:49 a.m. in New York, while Nasdaq 100 contracts were 0.2% higher as top semiconductor companies like Micron Technology Inc. and Sandisk Corp. retreated. US stocks had closed out the month on Friday with a gain, as Amazon.com Inc.’s 15% rally after stellar results lifted a broad sweep of companies benefiting from demand for artificial intelligence.
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Slumping oil prices also contributed to positive sentiment on Monday. West Texas Intermediate crude fell 6.2% to trade around $79 after President Donald Trump called off a planned attack on Iran, and Iran indicated talks to get more ships moving through the Strait of Hormuz were making progress.
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“Earnings will remain the primary focus, with roughly 15% of the S&P 500 by market capitalization scheduled to report,” Matt Orton, Raymond James Investment Management Chief Market Strategist, said. He flagged energy, healthcare, utilities and industrials as sectors to watch, as they’ve “benefited from the recent rotation.” Their “results will help determine whether that relative strength is fundamentally sustainable,” he said.
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Results from data-mining software developer Palantir Technologies Inc. are due after the close. The company is expected to post a 143% rise in net income for the second quarter on an 80% leap in revenue. Shares, down more than 40% since hitting a peak in November, were up 2.7% before market open.
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Of the 307 S&P 500 companies that had reported so far this season through the close on Friday, 86% had beaten analysts’ forecasts for EPS. On sales, 68% of companies had positively surprised, while 15% had missed.
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SpaceX’s inaugural report as a public company is due on Tuesday. SpaceX has also set the stage for one of the largest share unlocks in capital markets history, with as much as $116 billion worth of stock becoming eligible for sale for the first time next month. Shares were down 2% before market open.
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In other AI news, Alibaba Group Holding Ltd. ADRs rallied 4.1% after the compny released its biggest-ever AI model, claiming performance on par with global leader Anthropic PBC in the latest Chinese challenge to US rivals.
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Sectors in Focus
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- Healthcare, on news AstraZeneca Plc was said to have explored buying Bristol-Myers Squibb Co. in a megadeal that would rank as the largest ever in pharma. KKR has agreed to buy US medical device company Integer Holdings Corp. in an all-cash deal valued at about $5.7 billion.
- Lodging, with Marriott International Inc. sliding 4.3% after third-quarter guidance missed and it saw annual net room growth at the low end of its previous view.
- Consumer staples, with results from Tyson Foods Inc.
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—With assistance from Neil Campling and Janet Freund.
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English (US)