Wall Street futures indicated a moderately higher opening on Monday, as investors look towards new record highs while assessing the ongoing earnings season and preparing for upcoming reports on national inflation and retail sales. The futures market saw the S&P 500 rise by 0.3%, the Nasdaq increase by 0.2%, and the Dow Jones climbing 0.4%.
In a notable development, Bitcoin reached fresh all-time highs in premarket trading, surpassing $82,000, which positively impacted shares of related cryptocurrency companies. Notably, shares of Coinbase Global (COIN), a prominent cryptocurrency exchange, surged by 17% in pre-bell trading. Key economic data is on the horizon, with the October consumer price index (CPI) report set to be released on Wednesday morning in Washington, followed by the retail sales report scheduled for Friday.
Meanwhile, Asian markets experienced mixed trading overnight, particularly as Hong Kong's markets retreated after the issuance of economic stimulus measures by Beijing over the weekend, which did not sufficiently satisfy investor sentiment. In contrast, European markets displayed a solid upward trend as midday approached.
This week also anticipates earnings reports from major blue-chip companies such as Disney (DIS), Home Depot (HD), Brookfield (BN), Cisco (CSCO), Applied Materials (AMAT), Shopify (SHOP), and Spotify (SPOT). Additionally, companies like Aramark (ARMK), ICL (ICL), and RadNet (RDNT) are slated to release their earnings pre-bell among others.
With a relatively vacant economic calendar, the focus remains on premarket movements where Bitcoin is trading at $82,133, West Texas Intermediate crude oil is seeing lower figures at $69.30, and 10-year US Treasuries yield at 4.34%. Spot gold is priced at $2,669 an ounce..