Futures slip as investors brace for tech earnings, economic data
Wall Street futures slipped on Monday as investors await earnings from big technology companies as well as economic data this week for clues on the state of the U.S. economy and the Federal Reserve’s monetary policy path.
Market heavyweights including Alphabet Inc (GOOGL.O), Microsoft Corp (MSFT.O), Amazon.com Inc (AMZN.O) and Meta Platforms Inc (META.O), whose shares have supported markets this year, are scheduled to report results this week. Whether the rally continues could depend on the companies beating already-lowered first-quarter estimates.
Wall Street has largely held steady through the start of the earnings season as results from the big banks came in stronger than expected, allaying concerns about a contagion from the banking crisis in March.
Coca-Cola (KO.N), set to report before the opening bell on Monday, edged up 0.3% in premarket trading.
Of the 88 S&P 500 companies that reported results through Friday, nearly 76% beat analysts’ first-quarter profit estimates, as per Refinitiv IBES data, above the long-term average of 66.3%.
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