Futures Slide Ahead Of Central Bank, Earnings Juggernaut

US equity index futures dipped, with megatech underperforming after a month of blowout gains. MegaCap Tech are lower ahead of key earnings this week: AAPL -1.3%, AMZN -1.8%, GOOGL -1.3% (all three will report on Thur, post-mkt) and META -1.8% (will report on Weds, post-mkt). Investors are also bracing for a barrage of central bank announcements including the Fed's 25bps rate hike on Wednesday, and looked ahead to the busiest week in earnings season with 107 S&P companies reporting, representing a whopping 35% of earnings by sector. Commodities are mixed with lower energy; the dollar and Treasuries were both weaker. The question - as we hear from the Fed, ECB and BOE - is will stocks sustain last week’s rally?

S&P 500 futures slipped 0.9% at 7:30 a.m. ET, dropping to 4,406 after briefly printing above 4,100 on Friday and closed 2.5% higher last week. Nasdaq 100 futures declined 1.2% after the tech-heavy index soared 4.7%, its fourth straight week of gains. Despite today's drop, the index is set for the best January since 1999.