U.S. equity futures showed little movement on Sunday evening as markets steadied after a week of robust gains on Wall Street. Investors are shifting focus toward an extensive agenda of corporate earnings and a key labor-market report due later in the week.
Market snapshot
By 19:58 ET (23:58 GMT), S&P 500 futures were up 0.06% at 7,261.50 points. Nasdaq 100 futures were down 0.05% at 27,823.50 points, while Dow Jones futures edged higher by 0.1% to 46,699.0 points.
Earnings calendar and corporate drivers
More than 100 companies in the S&P 500 are scheduled to report quarterly results this week, following a string of mostly positive first-quarter reports from several large-cap names last week. Alphabet Inc (NASDAQ:GOOGL) posted a strong quarterly report that sent its shares higher, and Apple Inc (NASDAQ:AAPL) also advanced after its results.
Among the notable companies set to publish first-quarter results this week are data analytics firm Palantir Technologies Inc (NASDAQ:PLTR), entertainment conglomerate Walt Disney Company (NYSE:DIS), ride-hailing operator Uber Technologies Inc (NYSE:UBER) and pharmacy chain CVS Health Corp (NYSE:CVS).
On the semiconductor and related technology front, Advanced Micro Devices Inc (NASDAQ:AMD) - a rival to NVIDIA Corporation (NASDAQ:NVDA) that has also benefited from demand tied to artificial intelligence - is due to report, as are chip designer Arm Holdings (NASDAQ:ARM) and AI server maker Super Micro Computer Inc (NASDAQ:SMCI).
Analysts noted that positive first-quarter earnings from several large companies helped U.S. indexes reach record levels last week, with the market largely dismissing near-term worries tied to the conflict in the Middle East.
On Friday, the S&P 500 closed up 0.3% at 7,230.12 points. The Nasdaq Composite rose 0.9% to 25,114.44 points, while the Dow Jones Industrial Average slipped 0.3% to 49,499.27 points. All three major exchanges recorded substantial gains in April.
Macro focus - payrolls and monetary policy
Attention this week will also center on the April nonfarm payrolls report, due on Friday. The employment print is expected to provide additional insight into the strength of the labor market and is likely to influence Federal Reserve policy deliberations.
The Fed left interest rates unchanged at its meeting last week, though a rising number of policymakers expressed concern about the potential inflationary effects of the conflict involving Iran. Market participants broadly anticipate the central bank will hold rates steady for the remainder of the year amid elevated concerns around energy prices and inflation.
Geopolitical backdrop
Global attention remains trained on hostilities involving Iran after the U.S. announced an operation to escort commercial vessels through the Strait of Hormuz. While diplomatic efforts continue, the article noted that prospects for near-term peace talks and an end to the conflict appeared remote.
Outlook
With a heavy corporate earnings schedule and the April jobs report arriving this week, market participants will balance fresh data and company results against ongoing geopolitical tensions. For now, futures suggest a measured start to the new trading week following last week's strong gains.