US open: Wall Street opens higher ahead of Facebook earnings, oil jumps

US stocks look set to open higher ahead of a busy week for earnings with Facebook due to release earnings after the close. Inflation concerns will remain in focus as oil prices jump.

USA (2)

US futures

Dow futures +0.13% at 35715

S&P futures +0.2% at 4555

Nasdaq futures +0.4% at 15416

In Europe

FTSE +0.15% at 7226

Dax +0.3% at 15600

Euro Stoxx +0.15% at 4196

Learn more about trading indices

Stocks look to earnings

US stocks are set for a mildly higher open on Monday as investors readied themselves for a slew of big earnings releases this week. Big tech heavy weights are set to report this week kicking off with Facebook after the close today.

Even before big tech earnings get under the tech sector is in focus with PayPal up over 5%. Investors breathed a sigh of relief on the news that the payments company has ruled out pursuing Pinterest at this time. Meanwhile the latter slumped 15% on the prospect of the deal not going ahead.

Inflation concerns will continue to linger particularly with oil prices on the rise at multi year highs and following Jerome Powell’s comments on Friday. So far share prices have remained resilient in the face of rising price pressures with the S&P and the Dow hitting record highs. However, signs of rising cost pressures hurting guidance could put the brakes on further moves higher.

Where next for the S&P?

The S&P is bracing for fresh record highs above 4550. The 50 sma crossed above the 100 sma on the 4 hour chart. However, the RSI is in overbought territory so there could be some consolidation at these levels or an easing back before fresh record highs. A move below 4500 could negate the near-term uptrend.

S&P 500 chart

FX – USD rebounds, EUR falls as German business sentiment deteriorates

The US Dollar is rebounding at the start of the week after dropping to a monthly low on Friday. Fed Chair Jerome Powell had all but confirmed the tapering of bond purchases but pushed back on the prospect of a rate hike. The pickup in the US Dollar is receiving a helping had from the weaker Euro.

EUR/USD is heading lower, paring gains from the previous week. German business sentiment in October as supply chain bottlenecks clouded the near-term outlook. The IFO index fell to 97.7 from 98.9 in September, marking the 4th straight month of declines.

GBP/USD +0.09% at 1.3770

EUR/USD -0.21% at 1.1620

Oil eases, uptrend remains intact

Oil prices are rising higher, adding to gains from the previous week and hitting multi year highs. Tight supply keeps oil prices buoyant as demand continues to rise as economies reopen. According to Goldman Sachs oil demand is back up at 99 million bpd where it was pre-pandemic. The investment bank still sees oil trading above $90 sooner rather than later. Analyst as Goldman’s consider that the switch from oil to gas amid ongoing energy crisis is boosting demand by around $1 million barrels per day.

WTI crude trades +0.9% at $84.37

Brent trades +0.7% at $85.41

Learn more about trading oil here.


Looking ahead

14:45 Dallas Fed Manufacturing Business  Index


How to trade with City Index

Follow these easy steps to start trading with City Index today:

  1. Open a City Index account, or log-in if you’re already a customer.
  2. Search for the market you want to trade in our award-winning platform.
  3. Choose your position and size, and your stop and limit levels
  4. Place the trade.





This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.

StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.

In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.

StoneX Financial Pte. Ltd. is not under any obligation to update this report.

Trading CFDs and FX on margin carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit for the complete Risk Disclosure Statement.