The U.S. futures nudged higher on Monday morning ahead of the Federal Open Market Committee (FOMC) meeting this Tuesday and Wednesday. This uptick follows solid gains over the past week. The futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were up by about 0.32%, 0.23%, and 0.22%, respectively, at 2.47 a.m. EST, April 29.
Strong earnings from leading tech companies, including Microsoft (MSFT) and Alphabet (GOOGL), boosted traders’ confidence, driving indices higher in the past week. The NDX, SPX, and DJIA gained 1.86%, 1.77%, and 1.23%, respectively, during the same period.
Turning to this week’s economic reports, all eyes will be on monetary policy, with the Fed releasing its latest interest rate decision on Wednesday. The U.S. Fed is likely to keep the borrowing rate unchanged. Moreover, April’s nonfarm payrolls report is due on Friday.
On the earnings front, SoFi (SOFI), Amazon (AMZN), SMCI (SMCI), AMD (AMD), Mastercard (MA), and Apple (AAPL), among others, will announce results this week.
Meanwhile, the U.S. 10-year treasury yield was down at the time of writing, floating near 4.6%. At the same time, WTI crude oil futures trended lower, hovering near $83.22 per barrel as of the last check.
Elsewhere, European indices are set to open higher as investors await economic data releases and earnings scheduled for this week.
Asia-Pacific Markets Remained Higher
Asia-Pacific indices remained higher on Monday after the Bank of Japan kept the benchmark interest rate unchanged last Friday. Notable events expected this week include the release of China’s official purchasing managers index for April on Tuesday, along with Japan’s industrial production and retail sales data for March.
Japan’s Nikkei and Topix indices increased 0.81% and 0.86%, respectively. Further, China’s Shanghai Composite and Shenzhen Component indices rose by 0.79% and 2.22%, respectively. At the same time, Hong Kong’s Hang Seng index was up 0.99%.
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