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Major megacap growth stocks like Apple Inc, Meta Platforms Inc,
Amazon.com, and Tesla Inc added over 1% each as the yield on
U.S. 10-year bonds dipped from Friday's levels. [US/]
Major U.S. banks JPMorgan Chase & Co, Morgan Stanley, Citigroup
Inc and Wells Fargo & Co reported a slide in net income on
Friday after turbulent markets choked off investment banking
activity and lenders set aside more funds to cover losses from
borrowers who fall behind on payments.
Investors will closely monitor the earnings of Bank of America
Corp and Bank of New York Mellon Corp due later in the day.
Tesla Inc, Netflix and Johnson & Johnson are also expected to
report their results later in the week.
Analysts now expect profit for S&P 500 companies to have risen
just 3.6% from a year ago, much lower than an 11.1% increase
expected at the start of July, according to Refinitiv IBES data.
At 04:56 a.m. ET, Dow e-minis were up 231 points, or 0.78%, S&P
500 e-minis were up 33.5 points, or 0.93%, and Nasdaq 100
e-minis were up 120.75 points, or 1.12%.
Goldman Sachs edged higher in premarket trading following
reports of a likely major reorganization under which its
investment banking and trading businesses will be combined,
while consumer banking will be absorbed by its wealth unit.
The S&P 500 and Nasdaq Composite marked their fourth weekly loss
in five on Friday, after data showed little signs that inflation
was cooling, prompting traders to start pricing in the
possibility of a full percentage point hike from the Federal
Reserve at its November rate-setting meeting.
Volatility also stemmed from UK's political turmoil, following
the ousting of Finance Minister Kwasi Kwarteng. Investors now
await another test for gilts from a new tax proposal due later
in the day from Kwarteng's successor Jeremy Hunt.
(Reporting by Ankika Biswas in Bengaluru; Editing by Anil
D'Silva)
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