Technological equities led to a rise in US stock futures ahead of a successful week of gains, with investors expecting results from companies such as Apple, Tesla and Facebook.
S&P 500 futures rose 0.3%, indicating an expansion in gains that saw the index close nearly 2% higher and hit a record high on Friday. Nasdaq-100 futures advanced 1%, suggesting an increase in technology stocks after the opening bell.
China’s most valuable internet company, Tencent Holdings, grew by almost 11% to a record high in Hong Kong trading. Tencent portfolio company Kuaishou Technology, a TikTok-like video recording application, has announced an IPO that could value it at about $ 60 billion. The Amsterdam-listed shares of technology investment group Prosus, one of Tencent’s largest shareholders, rose 5.5 percent.
More than a fifth of the S&P 500 broad index and one-third of the Dow Jones industrial average are scheduled to launch gains this week. Kimberly Clark, producer of Kleenex and Huggies, will report Monday before the market opens. Starbucks, Verizon and Microsoft are scheduled for Tuesday. Other major technology companies report later in the week, including Apple, Tesla and Facebook on Wednesday.
“The way management will communicate its prospects will be key to markets,” said Sophie Chardon, a multiple asset strategist at Lombard Odier. “Investors will have to weigh the possibility of vaccinations with the reality of the new blockages” and the impact on each company.