The benchmark US stock measures were tracking in the red before Monday's opening bell as traders prepare for a busy week of corporate earnings. The Standard & Poor's 500 declined by 0.3%, the Dow Jones Industrial Average decreased by 0.2%, and the Nasdaq was off by 0.5% in the premarket. Meanwhile, Asian exchanges exhibited mixed to lower performances, and European bourses were trending downwards as midday approached on the continent. Major companies announcing their latest financial results this week include Tesla (TSLA), Coca-Cola (KO), T-Mobile US (TMUS), International Business Machines (IBM), GE Aerospace (GE), Danaher (DHR), Philip Morris International (PM), Verizon Communications (VZ), AT&T (T), Lockheed Martin (LMT), Boeing (BA), Honeywell International (HON), United Parcel Service (UPS), and Southwest Airlines (LUV).
This substantial collection of earnings reports is anticipated to influence market dynamics as investors closely monitor the outcomes. Additionally, Nucor (NUE), W.R. Berkley (WRB), and Logitech International (LOGN) are set to post their earnings results after the market closes on Monday. An interesting development is Boeing's stock, which gained 3.4% in the pre-bell trading following the company's reach of a tentative labor deal with the striking International Association of Machinists and Aerospace Workers union.
This agreement signifies a possible resolution to labor disputes that have affected Boeing's operations. In contrast, Spirit Airlines (SAVE) saw a notable surge of 44% after securing a debt-refinancing extension, extending its obligations to late December. The economic calendar for Monday is relatively light, featuring the leading indicators index for September at 10 am ET.
In terms of Federal Reserve activity, San Francisco Fed President Mary Daly spoke at 6:40 am, with Dallas Fed President Lorie Logan scheduled to speak at 8:55 am. Minneapolis Fed President Neel Kashkari is set for remarks at 1 pm, while Kansas City Fed President Jeffrey Schmid is expected to speak at 5:05 pm, indicating a busy day for monetary policy insights. In market updates before the open, Bitcoin ticked down 0.3% to $68,297.
In the commodities sector, West Texas Intermediate crude oil experienced an increase of 2.1%, reaching $70.67 per barrel. Additionally, the yield on 10-year US Treasuries advanced by 5.3 basis points, now at 4.13%, while gold prices rose by 0.6% to $2,745 per ounce, reflecting ongoing fluctuations in investor sentiment and the broader economic landscape..