U.S. stock futures wobbled on Monday morning after the S&P 500 and Nasdaq Composite snapped their first three-quarter losing streak since the 2008 global financial crisis and the Dow its first since 2015.
Futures tied to the benchmark S&P 500 rose 0.2 percent, while Dow Jones Industrial Average futures rose 100 points, or about 0.4 percent. Meanwhile, tech-heavy Nasdaq Composite contracts fell 0.2%.
Major moves in energy markets kicked off the week, with oil prices rising as reports emerged that OPEC+ is considering a major production cut of more than a billion barrels per day. West Texas Intermediate (WTI) crude oil futures rallied 4.1% to $82.71 a barrel, while Brent crude rose 3.9% to $88.45 a barrel.
In business, Credit Suisse ( CS ) shares fell as much as 10% before the open to a new low after the global investment bank’s CEO issued a note over the weekend trying to reassuring major investors about the financial health of the institution, an effort. which backfired and instead raised questions about its financial stability.
The bank said last week it was exploring potential asset sales and certain business units as part of a strategic plan to be revealed later this month.
Shares of Tesla ( TSLA ) also moved Monday morning after the electric vehicle giant reported Sunday that it delivered 343,830 cars in the third quarter, a new record that came even as the company struggled with the shutdown from its factory in China. Still, the figure fell short of Wall Street expectations, which ranged between 358,000 and 371,000 vehicles. Shares fell more than 4% premarket.
Investors are recovering from a brutal month and quarter in which the three major averages entered a bear market. In September, the S&P 500 lost 9.3%, its worst monthly decline since the pandemic began in March 2020. The Dow shed more than 8% and the Nasdaq Composite more than 10%. During the quarter, the indices are down approximately 5.3%, 4.1% and 6.7%, respectively.
As Wall Street turned the page, some strategists are looking ahead to October, which has been billed as a “bear market killer” based on historically strong returns, especially in midterm election years. Every time the S&P 500 has fallen 7% or more in September, stocks have done well in October, noted Ryan Detrick of the Carson Group.
A high-stakes earnings season likely to result from cut forecasts and worsening fundamentals linked to inflation and rising interest rates, however, makes this time different.
“The focus will be on earnings because we are moving from a moderation shock, with higher interest rates, to a growth shock,” Luca Paolini, chief strategist at Pictet Asset Management, told Yahoo Finance Live in a recent interview. “That’s where we’re most concerned and the next earnings season is going to be really critical.”
Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc
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