Stock futures jump as traders try to build on Monday’s rally

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‘Cash is probably not trash,’ says BNY Mellon Investment Management

Conventional wisdom suggests that holding cash in an inflationary environment is not recommended, but “cash is probably not trash anymore,” according to Aninda Mitra, head of Asia macro and investment strategy at BNY Mellon Investment Management.

Asked if cash and Treasury bills look attractive given the inverted yield curve, Mitra said he agreed, emphasizing the benefits of holding cash in U.S. dollars.

“I think that’s an area which still looks pretty good, it’s an extension of the overall long dollar story,” he said.

The U.S. dollar index has steadily climbed this year, from below 98 to above 111 as of Tuesday.

Markets are getting closer to an inflection point, strategist says

CNBC Pro: Here’s what’s next for stocks, according to Wall Street pros

September is finally behind us, much to the relief of many equity investors who endured a difficult month, with all major U.S. indexes posted steep losses.

With a historically weak month now firmly in the rearview mirror, what is the outlook for stocks as we enter into the fourth quarter of the year?

CNBC Pro combed through the research to find out what Wall Street thinks.

Pro subscribers can read more here.

— Zavier Ong

Watch fourth quarter earnings guidance more than third quarter actual numbers, S&P Global says

Fourth quarter earnings forecasts companies give when reporting third quarter results will be far more important to the market’s future direction than the actual third quarter numbers themselves, S&P Global believes.

“October brings earnings, with Q3 estimates already declining 7%, and the whisper numbers a bit more than that,” Howard Silverblatt, senior index analyst wrote over the weekend. “The larger concern (than the actual numbers for Q3, when consumers were still spending) is the guidance for Q4, as consumers have pulled back, inflation continues and the Fed’s `adjustments’ will have a more substantial impact.”

Third quarter earnings for the S&P 500 are projected by analysts to grow 6.1% compared with the same quarter a year ago, and almost 18% over the second quarter of 2022, S&P Global said.

Next year’s estimates call for a 14.3% earnings growth over 2022, and a corresponding forward P/E ratio of 15.0.

Silverblatt also looked at typical performance for the S&P 500 in the month of October. “Historically, the index posts gains 57.4% of the time, with an average gain of 4.18% for the up months, a 4.67% average decrease for the down months and an overall average decrease of 0.46%,” he wrote.

— Scott Schnipper

Stocks moving after hours: Rivian, Dynatrace and more

Some stocks were moving after hours on news, including:

  • Rivian — The electric vehicle maker went up 2.7% after announcing after the bell that production met expectations in its quarter ending Sept. 30.
  • Dynatrace — The software intelligence company increased 4.6% after being upgraded to a buy from JPMorgan. The stock rose 3% during regular trading.

See the full list here.

— Alex Harring

Futures open up slightly

The three major indexes for after-hour trading opened up slightly Monday.

Nasdaq 100 futures saw the biggest gain at open, up 0.26%.

Futures tied to the S&P 500 increased 0.17%. Futures for the Dow Jones Industrial Average were up 31 points, or 0.10%.

— Alex Harring

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