Futures tied to the Dow Jones industrial average rose 104 points, or 0.32%. Futures tied to the S&P 500 and Nasdaq 100 both rose 0.35 percent. Monday’s trading marked the end of what was the best month for the Dow since 1976, up 13.95%, as investors turned away from technology and hedged their hopes on strongmen like banks. The S&P 500 and Nasdaq Composite added about 8% and 3.9%, respectively. Big Tech took center stage last week as the behemoths saw stocks slide with disappointing gains, weighing on the Nasdaq at times. Meanwhile, strong earnings performances from Dow members such as Caterpillar and McDonald’s sent the index higher for the week. Earnings season continues Tuesday with Uber, Pfizer and Fox before the bell and Advanced Micro Devices and Airbnb after. Tuesday also brings the start of the Fed’s November meeting, which many market participants expect will result in a rate hike of 75 basis points. Many will look to the central bank’s statement and Fed Chair Jerome Powell’s question-and-answer session for clues about the policy battle against inflation. “We are fairly confident that market participants appear to be pricing in a 75 basis point increase,” said Jason Ray, founder of Zenith Wealth Partners. “But looking ahead, how will they cope [it] and to see if they change the language on inflation or the pace of rate hikes going forward will be something we’re watching closely.” Investors will also be watching economic releases on Tuesday, including job openings and construction spending data for September, as well as the ISM manufacturing report for October.
