By Oliver Gray
Investing.com - U.S. stock futures traded higher in early APAC deals on Monday, following the S&P 500′s worst week since March 2020 as major benchmark indices sold off amid mixed earnings and fears around rising interest rates.
Last week, the Dow fell 4.6%, its worst weekly performance since October 2020, the S&P 500 lost 5.7% and the Nasdaq Composite shed 7.6%, notching its fourth straight weekly loss and taking the index 14% below its recent record highs.
Dow Jones Futures gained 0.27%, S&P 500 Futures were up 0.35% and Nasdaq 100 Futures added 0.39%.
Among stocks, Major technology companies tumbled during Friday’s session, with Block Inc (NYSE:SQ) down 7.43%, Amazon.com Inc (NASDAQ:AMZN) losing 5.95%, Microsoft Corporation (NASDAQ:MSFT) down 1.85%, Meta Platforms Inc (NASDAQ:FB) falling 4.23%, Apple Inc (NASDAQ:AAPL) dipping 1.28% and Alphabet Inc (NASDAQ:GOOGL) shedding 2.22%. Netflix Inc (NASDAQ:NFLX) also plummeted 21.79% following a disappointing earnings report.
EV makers lost ground with Tesla Inc (NASDAQ:TSLA) down 5.26%, Rivian Automotive Inc (NASDAQ:RIVN) losing 0.78% and Lucid Group Inc (NASDAQ:LCID) down 2.51%.
On the bond markets, United States 10-Year yields started the week lower at 1.762%.
Ahead in the week, fourth quarter corporate earnings results will be in focus, with International Business Machines (NYSE:IBM) set to report numbers after the bell Monday, while reports from Microsoft, Tesla and Apple will also be closely watched. Investors will also be monitoring preliminary GDP data, as well as the Federal Reserve’s interest rate decision and FOMC statement due on Thursday, with policymakers set to confirm that rates will be raised in March and the balance sheet will be reduced later in the year.