The New York stock market is expected to hold firm tonight, with the Dow edging lower and the Nasdaq rebounding. A series of earnings reports from companies including GM and 3M is due this week, while housing-related indicators will also draw attention.
In the previous session, the Dow fell $36.38, or 0.07%, while the tech-heavy Nasdaq Composite rebounded 1.11%. Buying in semiconductor and AI-related stocks, along with expectations for earnings reports from major technology companies this week, supported the market.
At the same time, the US 10-year Treasury yield rose into the 5.14% range against a backdrop of sharply higher oil prices. Financial and defensive stocks were sold, weighing on the Dow.
Tonight, attention will focus on earnings reports from major companies and housing-related indicators. Ahead of reports from GM and 3M, several companies are scheduled to announce earnings before the market opens and during the morning session. Market sentiment could shift depending on the results.
Among the economic indicators, attention will focus on housing-related data including September housing starts, September building permits and the September pending home sales index. Higher oil prices and the upward trend in long-term interest rates remain areas of concern and could also cap gains in the market.