Register now for FREE unlimited access to Reuters.com
July 25 (Reuters) – U.S. stock index futures edged higher on Monday as markets braced for a Federal Reserve policy meeting during the week and earning reports from some of the biggest companies to gauge the impact of a strong dollar and soaring inflation.
Apple Inc (AAPL.O), Amazon.com Inc (AMZN.O), Alphabet Inc (GOOGL.O), Microsoft Corp (MSFT.O), Meta Platforms Inc (META.O) and Coca-Cola Co (KO.N) are scheduled to post results this week.
The dollar , trading near 20-year highs following an aggressive tightening cycle by the Fed, is expected be a headwind for U.S. companies, especially those with a big global presence.
Register now for FREE unlimited access to Reuters.com
Shares of the high-growth companies rose between 0.5% and 1.2% in premarket trading.
Early gains on Monday were broad-based, with cyclical stocks also rising. Financial stocks, including American Express Co (AXP.N) and Citigroup Inc (C.N), advanced more than 1% each. Industrial shares such as Boeing Co (BA.N) and 3M Co (MMM.N), set to report this week, gained 0.8% each.
All of the three major indexes closed higher last week. The tech heavy Nasdaq (.IXIC) added 3.3%, the S&P 500 (.SPX) 2.4% and the Dow (.DJI) gained 2%.
The Fed is widely expected to deliver another super-sized 75 basis-point rate hike at the end of its two-day monetary policy meeting on Wednesday, effectively ending pandemic-era support for the U.S. economy. read more
Meanwhile, the GDP advance data on Thursday is likely to be negative again for the second quarter.
At 7:02 a.m. ET, Dow e-minis were up 149 points, or 0.47%, S&P 500 e-minis were up 17.5 points, or 0.44%, and Nasdaq 100 e-minis were up 51 points, or 0.41%.
Register now for FREE unlimited access to Reuters.com
Reporting by Shreyashi Sanyal in Bengaluru; Editing by Sriraj Kalluvila
Our Standards: The Thomson Reuters Trust Principles.
Read More: Futures edge higher at start of big week for earnings, Fed meet