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Companies reporting quarterly results this week include Walt
Disney Co and PepsiCo Inc, while Tyson Foods Inc, Lowe's Cos
Inc, Activision Blizzard Inc and Cummins Inc report results
later in the day.
Halfway through the earnings of the S&P 500 companies, 69.6%
have reported results above expectations, according to Refinitiv.
Overall, analysts still expect quarterly earnings of S&P 500
firms declining 2.7%.
Last week's stunning nonfarm payrolls report, which showed U.S.
economy added jobs at a rapid pace, pulled Wall Street's main
indexes down on Friday, but for the week both the S&P 500 and
Nasdaq gained 1.6% and 3.3%, respectively.
Job growth in the U.S. accelerated sharply in January, with
nonfarm payrolls surging by 517,000 jobs, well above an estimate
of 185,000. The unemployment rate hit a more than 53-1/2-year
low of 3.4%.
After a bruising 2022, U.S. equities have posted strong gains in
2023 led by technology stocks amid hopes that the Fed will
temper its aggressive rate hikes, which in turn could alleviate
some pressure on equity valuations.
On the data front, investors will monitor jobless claims for the
week ended Feb. 4 and University of Michigan's consumer
sentiment survey to assess the strength of the U.S. economy.
A host of Fed officials are also scheduled to speak this week,
including Powell on Tuesday.
At 5:30 a.m. ET, Dow e-minis were down 237 points, or 0.7%, S&P
500 e-minis were down 37 points, or 0.89%, and Nasdaq 100
e-minis were down 144.25 points, or 1.14%.
(Reporting by Shubham Batra; Editing by Shounak Dasgupta)
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