US futures are not very moving but indicate the desire for recovery after the sells that hit Wall Street yesterday and, in general, global equities, due to the renewal of fears about the arrival of a stagflation.
At about 1 pm Italian time, the futures on the Dow Jones are practically plastered, with a variation equal to -0.01% at 34,363 points; futures on the Nasdaq advance by 0.21%, to 14,732 points; futures on the S&P 500 are nailed to around 4,352.
Highlights in the pre-market were the rises in the hi-tech titles Tesla, Alphabet, Netflix, Nvidia and AMD (Advanced Micro Devices). The anticipation is high for the quarterly earnings season, which kicks off on Wall Street this week.
On the calendar are the earnings of JP Morgan and the other large US banks, which will publish the financial results for the third quarter of the year.
Refinitiv estimates show that Corporate America’s earnings growth is expected at an annual rate of 30%, a marked slowdown compared to the boom of 96.3% in the second quarter.
At the same time, notes Rod von Lipsey, managing director of UBS Private Wealth Management, the very fact that “third quarter earnings expectations have been revised downwards in recent weeks should fuel upward surprises, which is a positive factor for the general market sentiment “.
Yesterday the Dow Jones Industrial Average closed down 250.19 points, or -0.7%, at 34,496.06, after rising to its intraday high of more than 200 points; the S&P 500 also fell 0.7% to 4,361.19, the Nasdaq Composite fell -0.6% to 14,486.20 points.
10-year Treasury rates are down to 1.594%.