Stocks set to start the week on a positive note
U.S. stock markets look set to open higher on Monday, as traders await the Federal Reserve to announce its interest rate decision later this week.
As of 5:10 a.m. ET, futures for the blue-chip Dow edged up 53 points, or 0.17% to 31,928. S&P 500 futures were up 7.5 points, or 0.19% while the tech-focused Nasdaq 100 futures gained 32.25 points, or 0.26% to 12,455.75.
With U.S. inflation accelerating at its fastest pace since 1981, Fed policymakers will on Tuesday and Wednesday, where they are expected to discuss raising interest rates by another 75 basis points to a target range of 2.25% to 2.50% from 1.50% to 1.75%.
Some analysts are also betting that the Fed will hike rates by 100 basis points.
The Fed will issue its decision on the interest rates and policy changes at 2 p.m. ET on Wednesday. Federal Reserve Chairman Jerome Powell will hold a press conference at 2:30 p.m. ET.
Big Tech earnings on watch
Traders will also be watching as some of the world’s biggest technology companies release their financial results this week.
Microsoft (MSFT) and Google-parent Alphabet (GOOG) are scheduled to announce their results after the market close on Tuesday.
Facebook owner Meta Platforms (META) reports Wednesday. Apple (AAPL) and Amazon (AMZN) report on Thursday.
There are also many other major companies expected to report earnings this week. They include Coca-Cola (KO), General Electric (GE), Ford (NYSE:F) General Motors (GM), Boeing (BA), Qualcomm (QCOM), Intel (INTC), Pfizer (PFE), and AstraZeneca (AZN).
WHO declares monkeypox outbreak a global health emergency
Meanwhile, the World Health Organization (WHO) has designated the current monkeypox spread a public health emergency of international concern (PHEIC).
WHO director general Dr. Tedros Adhanom Ghebreyesus made the announcement on Saturday, overruling a panel of advisers that was not able to come to a consensus on whether to apply the highest level of alert to the virus.
“We have an outbreak that has spread around the world rapidly through new modes of transmission, about which we understand too little, and which meets the criteria” for a public health emergency, Tedros said.
The current monkeypox outbreak has caused more than 16,000 cases across 75 nations, so far. WHO official previously issued the PHEIC declaration for the 2014 Ebola outbreak in West Africa and the Covid-19 pandemic.