Dow Jones futures are set to commence trading on Sunday evening, along with S&P 500 futures and Nasdaq futures. In the upcoming week, significant news will revolve around Apple (AAPL), the Federal Reserve, and the release of the October jobs report, promising yet another eventful week.
The stock market correction intensified this past week, with the major indexes all falling to multimonth lows amid mixed earnings. The Nasdaq eked out a gain Friday, fueled by Amazon.com (AMZN). But it was generally another weak session.
Investors are advised to exercise caution and consider maintaining a significant cash position.
Among the prominent big-cap tech companies, Amazon, Meta Platforms (META), Microsoft (MSFT), and ServiceNow (NOW) stand out as noteworthy options to monitor. These companies have already released their earnings reports and have shown multiple quarters of accelerating growth. Notably, all of them are currently near potential buy points. Dow Jones futures
On Semiconductor (ON), an electric vehicle chip manufacturer, is scheduled to report its third-quarter earnings early on Monday. Arista Networks (ANET), which experienced a decline in its stock price due to Meta’s reduced capital spending plans, is also set to report earnings on Monday night. Apple’s earnings report is expected on Thursday night. It’s worth noting that Apple’s stock has dipped below its 200-day moving average amid concerns about iPhone 15 demand, particularly in China.
This week, the Federal Reserve is scheduled to convene, and it appears that there is virtually no possibility of a rate hike on Wednesday’s meeting. Several policymakers have indicated that there is little urgency to implement additional measures, particularly with long-term Treasury yields experiencing a significant increase. Following the meeting announcement on Wednesday, it is expected that Fed chief Jerome Powell will reaffirm this stance.