Wall Street future fell on Monday as people awaited income from major technology firms as well as financial details this week for hints on the state of the U.S. market and the Federal Reserve's's course of monetary policy.
Results are expected to be released this week by market heavyweights like Alphabet( NASDAQGOOGL ) Inc., Microsoft Corp ( NASDAQMSFT ), Amazon.com Inc ( NYSEAMZN ), and Meta Platforms Inc, whose shares have supported markets this year. The companies' ability to surpass already-lowered first-quarter estimates may determine whether the exchange continues.
Wall Street has mostly remained stable throughout the beginning of earnings season as large bank result came within stronger than anticipated, allaying worries about a spread brought on by the March banking crisis.
Coca-Cola( NYSEKO ), which is scheduled to report before Monday's's opening bell, increased by 0.3 % in premarket trading.
According to Refinitiv IBES data, nearly 76 % of the 88 S & ampP 500 companies that reported results through Friday outperformed analysts' first-quarter profit estimates, which were above the long-term average of 66.3 %.
Earnings projections have also slightly improved, with analysts now anticipating a 4.7 % profit contraction as opposed to the anticipated 5.1 % decline at the beginning of April.
Among the data set to be released this week are early readings of the first quarter U.S. GDP, personal consumer expenditure index( PCE ) for March, and consumer confidence numbers for April.
After combined data last month solidified bets of another 25 basis point ratio climb by the Federal Reserve in May and tempered expectations of price cuts later this year, investors will closely examine these reports for signs of an economic slowdown.
According to the CME Group's's( NASDAQCME ) Fedwatch tool, money market traders have estimated an 85 % chance that the Fed will raise rates by 25 bps next month.
At 0600 a.m. ET, Dow e-minis was down 80 points, or 0.24 percent, S & ampP 500 EC, down 9 points( 0.22 %), and Nasdaq 100 E-Minis were down 19.5 %.
Shares of Bed Bath & amp Beyond Inc.( NASDAQBBBY ) fell 41.5 % as the home goods retailer requested Chapter 11 bankruptcy protection after failing to raise money to stay afloat.
The First Republic Bank ( NYSEFRC ) experienced a 0.1 % decline. The local bank is scheduled to release gains after market closes on Monday. The U.S. banking crises has caused its shares to decline by 88 % this year.
Future decline as investors prepare for financial data and technology earnings.
