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Futures up: Dow 0.12%, S&P 500 0.44%, Nasdaq 0.69%
Nov 17 (Reuters) - Futures for Wall Street's main
indexes were higher on Monday, kicking off a packed week that
includes AI giant Nvidia's ( NVDA ) earnings and resumption of government
data releases, while Alphabet jumped after Berkshire Hathaway ( BRK/A )
disclosed a stake in the company.
Google-parent Alphabet gained 5.6% in premarket
trading after Berkshire Hathaway ( BRK/A ) revealed a new $4.3
billion stake in the company and further reduced its stake in
Apple ( AAPL ).
Apple ( AAPL ) shares, down 0.3%, lagged most megacap and growth
stocks.
Nvidia's ( NVDA ) shares inched 0.4% higher ahead of its
quarterly earnings after markets close on Wednesday. The company
has been a bellwether for AI-related stocks that have propped up
several tech names in this year's Wall Street rally.
At 5:02 a.m. ET, S&P 500 E-minis were up 29.5
points, or 0.44%, Nasdaq 100 E-minis were up 173.5
points, or 0.69%, and Dow E-minis were up 55 points, or
0.12%.
The quarterly earnings season will start to thin out this
week, though not before earnings from retail giants Walmart ( WMT )
, Home Depot ( HD ) and Target ( TGT ) throughout the
week.
Of the 456 S&P 500 companies that have reported
earnings for the quarter, 82.7% topped profit estimates compared
with a long-term average of 67.2%, according to data compiled by
LSEG.
Third-quarter earnings growth is estimated at 16.9% as of
last week, the highest since the fourth quarter of 2024.
With the longest government shutdown in U.S. history
officially ending last week, key data releases from government
agencies are expected in the next few days.
The much-delayed September jobs report will also be released
on Thursday, but may do little more than confirm earlier private
market surveys showing the labor market had slowed.
Traders currently see a more than 56% chance that the
Federal Reserve will hold its rate steady in December compared
with a near 94% chance of a 25-basis-point cut seen a month ago,
according to the CME FedWatch Tool.
"If there is a great deal of uncertainty about the economy,
a lower interest rate, rather than a higher one, should be a
reasonable conclusion. However, this view does not seem to be
shared by the majority in the Fed," SEB strategists wrote in a
note.
On Monday, at least four Fed speakers including Governor
Christopher Waller and New York Fed President John Williams are
slated to speak throughout the day.
Minutes from the Fed's October meeting - where it cut rates
by an expected 25 basis points - are due on Wednesday.
U.S. stocks have run into turbulence of late as investors
fretted about the pace of rate cuts and elevated valuations of
heavyweight technology stocks that have been one of the key
drivers of markets this year.
The S&P 500 and the Dow clocked marginal weekly gains
on Friday, while the Nasdaq recorded a mild weekly fall.
Among other early moving stocks, Quantum Computing ( QUBT )
rose 20.2% after the photonics and quantum optics tech provider
reported higher third-quarter revenue.