As Wall Street gears up for the opening bell on Monday, futures are pointing moderately higher as traders assess the diminishing earnings season while eagerly anticipating upcoming reports on consumer prices and retail sales. The consumer price index (CPI) report for July is set to be unveiled in Washington on Wednesday, followed by the July retail sales figures which are scheduled for Thursday.
This pivotal week also features a notable lineup of blue-chip companies reporting their earnings, including retail giant Walmart, home improvement leader Home Depot, technology innovator Cisco, agricultural machinery manufacturer Deere, and semiconductor equipment supplier Applied Materials, among others.
In the pre-market futures, the S&P 500 saw a modest increase of 0.2%, while the Nasdaq composite climbed by 0.3% and the Dow Jones Industrial Average experienced a slight uptick of 0.1%. Meanwhile, Asian markets exhibited a mixed and muted performance overnight, with exchanges in Tokyo and Bangkok closed in observance of holiday traditions.
European markets are demonstrating a sideways trend midday as investors remain cautious. In a particularly notable development, shares of Apogee Therapeutics surged by 3.7% in pre-market trading after the company reported losses in the second quarter that were smaller than analysts had anticipated, bolstering a positive operational outlook.
Additionally, Monday.com is scheduled to release its earnings report before the opening bell. On the economic front, the New York Federal Reserve is also slated to release its report on consumer inflation expectations, an event that will draw considerable attention from market participants. In the pre-market action, Bitcoin was trading at an impressive $58,851, while West Texas Intermediate crude oil saw an increase, trading at $77.75.
Furthermore, the yield on 10-year US Treasuries was offering a return of 3.96%, and spot gold was priced at $2,444 per ounce. This week promises to be crucial as investors closely monitor these developments, especially with the looming earnings reports that can significantly influence market trends and investor sentiment in the near term..