Stock futures were rising Monday ahead of earnings this week from technology giants Alphabet, Microsoft, Meta Platforms, Apple, and Amazon.com.
These stocks were poised to make moves Monday:
Nvidia was up 1.2% in premarket trading to $143.26, extending gains from Friday when the chip maker tested all-time highs and its valuation neared $3.5 trillion. Nvidia trails only Apple on the list of largest U.S. companies by market cap. Apple, up 0.7%, eports quarterly earnings after the closing bell on Thursday, the same day as Amazon.com. Alphabet reports Tuesday, and Microsoft and Meta Platforms post their results on Wednesday.
Earnings reports are expected Monday from Ford, ON Semiconductor, Cadence Design Systems, Waste Management, F5 Inc., and VF Corp.
Ford was rising 0.8% ahead of the auto maker's third-quarter earnings scheduled for after the closing bell Monday. Analysts expect Ford to report a profit of 46 cents a share on revenue of $45.1 billion compared with earnings a year earlier of 39 cents a share on revenue of $43.8 billion. Ford shares have declined 9.2% this year.
Earnings are expected throughout the rest of the week from Visa, Advanced Micro Devices, McDonald's, Pfizer, Eli Lilly, AbbVie, Caterpillar, Starbucks, SoFi Technologies, PayPal, Mastercard, Merck, Uber Technologies, Comcast, Bristol Myers Squibb, Exxon Mobil, and Chevron.
U.S.-listed shares of Philips were falling 16% after the Dutch health-technology company cut its sales outlook for 2024 to "reflect deteriorated demand in China." The company said it expects comparable sales growth of 0.5% to 1.5%, and free cash flow of around around EUR900 million, at the lower end of its projected range. Philips said adjusted EBITA margin will be about 11.5%, at the upper end of the current range.
Diamondback Energy was down 2.4%, APA Corp. declined 2.4%, Exxon Mobil fell 1.7%, and Chevron was down 1.4% as oil prices fell following weekend airstrikes by Israel against Iran that steered clear of oil or nuclear facilities.
McDonald's was rising 1% after the fast-food giant said testing ruled out beef as the source of the outbreak of E. coli linked to the company's Quarter Pounders. As of Friday, the outbreak had spread to at least 75 people in 13 states, up from the initial 49 people in 10 states reported earlier in the week. One person died in Colorado. McDonald's said it will again begin selling Quarter Pounders at impacted restaurants in the coming week.
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