Traders work on the floor of the New York Stock Exchange (NYSE) in New York City.Jeenah Moon | Reuters S&P 500 futures were little changed on Sunday night after the major averages posted a winning week, as investors awaited a busy week of earnings results and inflation data. Futures tied to the broader market rose 0.12%, while Nasdaq 100 futures rose 0.24%. Dow Jones Industrial Average futures rose 28 points, or 0.05%. Wall Street is coming off a winning week for the major averages, as a rally in technology stocks helped investors ignore higher oil prices and yields. The Dow and S&P 500 each posted their second positive week in three, while the Nasdaq Composite posted its fourth consecutive week of gains. In Asia, markets opened mixed. South Korea’s Kospi fell 1.34%, while Australia’s S&P/ASX 200 added 0.61%. Japan’s markets were closed for holidays. Concerns about energy prices resurfaced after President Donald Trump told reporters over the weekend that he is considering joining Saudi Arabia in its fight against the Tehran-backed Houthis in Yemen after another deadly attack on Riyadh’s international airport. The comments raised the possibility of escalating tensions in the region. Investors hope the third-quarter earnings season will help stocks weather turmoil in the Middle East. By all estimates, incoming results are expected to be strong. According to FactSet’s John Butters, the S&P 500 will post 29.6% earnings growth in the quarter. That would be the fourth consecutive quarter in which the broader index posts more than 25% earnings growth, thanks to the strength of the AI data center buildout. But what will matter most to investors will be what management says, given the uncertainty about how companies and their customers cope with higher fuel and borrowing costs. Brent crude futures last traded above $104 a barrel, while the 10-year yield last week surpassed levels not seen since 2002. “Investors have pulled back on some of the important issues,” said Brian Leonard, portfolio manager at the Keeley Gabelli Small Cap Dividend Fund (KSDIX). “Can this company withstand what is happening? Keep going, keep increasing your margins and the future will be better than the most recent past.” The reporting season will heat up this week with the big banks, with Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo expected to release results this week. Key inflation data will also be released this week, with the September consumer and producer price indices due on Wednesday and Thursday, respectively. — CNBC’s Terri Cullen contributed to this report.
