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Israeli bombardments intensified ahead of a likely ground
invasion, dashing hopes of a brief ceasefire in southern Gaza as
residents of the Hamas-ruled region said the overnight strikes
were the heaviest yet in nine days of conflict.
Prime Minister Benjamin Netanyahu, however, agreed to lift a
blockade of water supplies after speaking with U.S. President
Joe Biden, while a Middle East visit by Secretary of State
Antony Blinken to prevent escalation lifted Treasury yields.
The S&P 500 and the Nasdaq dropped on Friday as deteriorating
consumer sentiment data and the Middle East conflict kept
investors away from riskier bets and overshadowed some upbeat
earnings from big U.S. banks.
Results from large banks Goldman Sachs, Bank of America, Morgan
Stanley, pharmaceutical giant Johnson & Johnson, electric
automaker Tesla and video-streaming pioneer Netflix are due this
week.
Charles Schwab is scheduled to report before the opening bell.
Third-quarter earnings for S&P 500 companies, including energy,
is estimated to grow 2.2% on an annual basis, LSEG data showed.
Of the 32 S&P 500 companies that have reported results so far,
87.5% of them have surpassed expectations compared to a
long-term average of 66.5%.
Investors will look out for economic data including retail sales
for September and the Philly Fed Business Index for October
later this week, while the New York Fed's Manufacturing for
October will be watched before market open.
They will also keep an eye on Philadelphia Fed President Patrick
Harker, who is set to speak during the day and on remarks by
Federal Reserve Chair Jerome Powell on Thursday.
Harker said on Friday he believes the U.S. central bank is
likely done with its rate-hiking cycle.
At 5:11 a.m. ET, Dow e-minis were up 104 points, or 0.31%, S&P
500 e-minis were up 8.25 points, or 0.19%, and Nasdaq 100
e-minis were up 7.75 points, or 0.05%.
Among stocks, Nvidia fell 1.1% in premarket trading after
Reuters reported U.S. will take steps to prevent American
chipmakers from selling semiconductors to China in a bid to
block more AI chip exports.
Pfizer lost 3.5% after slashing its full-year revenue forecast
by 13% on Friday.
(Reporting by Ankika Biswas in Bengaluru; Editing by Arun Koyyur)
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