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Stock market today: US futures climb as traders await crucial 'Magnificent 7' earnings reports

Mark Zuckerberg, Elon Musk, and Tim Cook against a yellow background.
"Magnificent Seven" companies including Meta and Tesla are set to post their first-quarter earnings this week.AP Images; Bryan Erickson/BI
  • US stock futures climbed in premarket trading on Monday ahead of a big week of earnings reports.

  • Microsoft, Alphabet, Meta, and Tesla are all set to post their results for the first quarter of 2024.

  • US GDP and inflation data could also move markets this week.

US stocks looked set to open higher on Monday, as investors geared up for a set of mega-cap earnings reports and economic data that'll offer more insight into how the Federal Reserve's battle against inflation is going.

S&P 500 futures were up 0.5% shortly before 6 a.m. ET, while Nasdaq 100 futures had climbed 0.6%. The Dow Jones Industrial Average was on pace to add 165 points.

Meanwhile, yields on 10-year US Treasury notes rose about four basis points to 4.66%, while the US Dollar Index — which tracks the greenback against a basket of six other currencies — traded flat.