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Dow futures are falling barely after the blue chip common hits the third straight week of earnings

Traders operate on the floor of the New York Stock Exchange (NYSE) in New York City on October 15, 2021.

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Stock futures fell in overnight trading on Sunday after the Dow Jones Industrial Average hit a record high for its third consecutive positive week.

Dow futures fell 24 points. S&P 500 futures and Nasdaq 100 futures both traded in slightly negative territory.

Wall Street looks back on a successful week thanks to strong corporate earnings. The blue-chip Dow rose more than 1% last week and closed on Friday on a record. The S&P 500 was up 1.7% last week and had its third consecutive positive week, hitting an all-time high on Friday.

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Of the 117 Companies in the S&P 500 that have reported profits to date posted 84% numbers that exceeded expectations, according to Refinitiv. S&P 500 companies are expected to grow their profits by about 35% in the third quarter.

"Rising floods of profits are lifting all boats and adding to the bull market fire," said Anu Gaggar, global investment strategist with the Commonwealth Financial Network. "The third quarter reporting season got off to a good start despite concerns about supply bottlenecks and labor shortages."

Some of the biggest tech companies are expected to report their profits this week, including Facebook, Alphabet, Microsoft, Amazon, and Apple. A third of Dow companies will also be releasing quarterly results this week, including Caterpillar, Coca-Cola, Boeing and McDonald's.

All major averages posted solid gains for October. The Dow and S&P 500 are both up more than 5%, while the Nasdaq Composite is up 4.4% for the month to date.

Leading the October rally in the broader market was the energy sector, up 11% this month. Industrial, real estate, materials and financial stocks have all increased by at least 7% over the same period.

"Transportation, consumer discretionary and large-cap technology have been driving the market up for the past two weeks, suggesting that growth concerns over supply chain constraints are gradually easing," said Lindsey Bell, chief investment strategist at Ally Invest.

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