Stock futures rose early Monday morning after the Dow Jones Industrial Average recorded a positive week for the third straight week.
Dow futures rose 18 points. S & P 500 futures and Nasdaq 100 futures are trading in a slightly positive territory.
Wall Street is celebrating a week of victory thanks to strong corporate earnings. The highest level of the Dow reached more than 1% last week and closed on Friday at a record high. The S & P 500 rose 1.7% last week, recording a positive week for the third straight week and peaking on Friday.
Of the 117 S & P 500 companies that have reported revenue so far, 84% have released higher-than-expected figures, according to Refinitiv. S & P 500 companies are expected to increase revenue by about 35% in the third quarter.
“The upward trend in earnings is lifting all boats and adding fuel to the fire of the bull market,” said Anu Gagar, global investment strategist at the Commonwealth Financial Network. “The third-quarter earnings season is off to a good start, despite concerns about supply bottlenecks and labor shortages.”
Several major tech companies, including Facebook, Alphabet, Microsoft, Amazon and Apple, will report revenue this week. One-third of Dow’s companies, including Caterpillar, Coca-Cola, Boeing and McDonald’s, will also announce quarterly results this week.
All major averages showed a steady increase in October. The Dow and S & P 500 are up more than 5%, while the Nasdaq Composite is up 4.4% to date.
The energy sector, which rose 11% this month, was the leader in the general market in October. The industrial, real estate, materials and financial sectors exploded at least 7% over the same period.