By Scott Kanowsky
Investing.com -- U.S. stock futures rose on Monday ahead of a busy week for investors, with a fresh batch of key corporate earnings and an expected jumbo-sized Federal Reserve rate hike looming on the horizon this week.
By 06:13 EST (1013 GMT), the Dow Futures contract was up 122 points, or 0.38%, S&P 500 Futures traded higher by nearly 17 points, or 0.41%, while Nasdaq 100 Futures climbed by more than 61 points, or 0.50%.
The main indices on Wall Street closed lower on Friday, dragged down in particular by steep losses in social media companies Snap (NYSE:SNAP), Twitter (NYSE:TWTR), and Facebook-parent Meta Platforms (NASDAQ:META). However, the indices closed out gains for the week, adding momentum to a rally fuelled by a number of stronger than expected results from S&P 500 firms.
At the close in NYSE, the Dow Jones Industrial Average declined 0.43%, while the S&P 500 index fell 0.93%, and the Nasdaq Composite index lost 1.87%.
Earnings will continue to roll in on Monday, with the release of numbers from NXP (NASDAQ:NXPI), Whirlpool (NYSE:WHR), and F5 Networks (NASDAQ:FFIV) after the close.
Attention will also turn to the tech sector. Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL) will report on Tuesday, Meta following on Wednesday, along with Amazon (NASDAQ:AMZN) and Apple (NASDAQ:AAPL) on Thursday.
But the main event this week will be the two-day policy-setting meeting of the Federal Reserve that is set to wrap up on Wednesday. The central bank is widely expected to raise interest rates by 75 basis points, after some policymakers backed away from a potential percentage point hike to add on to June's surprise.
Oil prices rose Monday, recovering from earlier losses, as traders eye how this week’s Fed meeting could impact crude demand.
By 06:57 AM ET, U.S. crude futures traded 1.35% higher at $95.98 a barrel, while the Brent contract jumped 1.01% to $99.37.
Additionally, gold futures edged up 0.14% to $1,729.85/oz, while EUR/USD traded 0.24% higher at 1.0234.