Saturday May 28, 2022

U.S. stock futures fall headed into big earnings week

US stock-index futures fell Sunday, ahead of a big week of earnings reports.

As of 10:15 pm Eastern, Dow Jones Industrial Average futures YM00
futures fell about 90 points, or 0.3%, while S&P 500 futures ES00
declined 0.6% and Nasdaq-100 futures NQ00
tumbled 1%. After sharp losses once trading began Sunday evening, all three indexes were improving slightly as the overnight trading session continued.

Futures for US crude CLK22,
Meanwhile, rose to $108.04.

The US stock market was closed Friday. For the week, the Dow DJIA
lost 0.8%, recording its third straight week of losses, while the S&P 500 SPX
shed 2.1% and the Nasdaq Composite COMP
fell 2.6%, with both booking their second straight week of losses.

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Investors are bracing for a flurry of quarterly reports in the upcoming week, including earnings Bank of America Corp. BAC
on Monday morning, Netflix Inc. NFLX
on Tuesday afternoon and Tesla Inc. TSLA
on Wednesday afternoon. Eyes will also be on Twitter Inc. TWTR,
which on Friday adopted a “poison pill” in the face of a takeover bid announced earlier in the week by Elon Musk.

A number of major banks, including Goldman Sachs Group Inc. GS,
Morgan Stanley MS
and Wells Fargo & Co. WFC,
reported earnings last week, to mixed results.

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