US equity futures experienced a positive upswing in anticipation of Monday's opening bell as traders prepared for a fresh wave of quarterly earnings updates from Corporate America. This week promises insights from several major retailers, setting the stage for potential market movements that could impact investor sentiment significantly.
The Dow Jones Industrial Average futures saw an increase of 0.2%, while the S&P 500 futures rose by 0.3%. The tech-heavy Nasdaq futures experienced the most substantial gain, increasing by 0.6%. Among the notable companies scheduled to report their earnings later in the week are Target, Costco, Kroger, Macy's, and AutoZone.
Investors remain eager to discern how these retail giants have fared amidst a fluctuating economic backdrop. Oil prices also showed upward momentum, with the front-month global benchmark, North Sea Brent crude, climbing 0.6% to reach $73.22 per barrel. Concurrently, US West Texas Intermediate crude rose by 0.5%, settling at $70.13 per barrel.
Economic indicators are crucial this week, with S&P Global's manufacturing purchasing managers' index set for release at 9:45 am ET, expected to remain unchanged from its initial estimate at 51.6 in February's final reading based on forecasts compiled by Bloomberg. Further, the Institute for Supply Management's manufacturing purchasing managers' index is due at 10 am ET and is projected to come in at 50.6 for February, slightly down from January’s 50.9.
In additional economic news, a slight decrease of 0.1% is anticipated in Construction Spending for January compared to a previous gain of 0.5%. Global market activities showed varied responses, with Japan's Nikkei concluding 1.7% higher, Hong Kong's Hang Seng also ending on a high note at 0.3%, and China’s Shanghai Composite sliding down 0.1%.
In Europe, the UK's FTSE 100 gained 0.6%, Germany's DAX index rose by 2.6%, France's CAC 40 increased by 1.4%, and Spain's IBEX 35 saw a 0.4% rise during Europe's early afternoon session. On the equities front, shares of Aclarion soared 102% pre-bell following the announcement of its first commercial deal with Scripps Health.
Conversely, ADT's stock faced a 5.3% decline after the company disclosed a secondary offering of its shares held by entities managed by Apollo Global Management..