Stock futures edged higher on Sunday evening as investors anticipated a week full of key economic and earnings reports. Futures tied to the Dow Jones Industrial Average rose by 59 points, or 0.18%, signaling a positive start to the trading week. S&P 500 futures climbed 0.23%, while Nasdaq 100 futures ticked higher by 0.15%.

The rise in stock futures comes after a challenging week for the market, as concerns over higher interest rates led to all three major indexes ending in negative territory. The S&P 500 recorded a 2.4% loss, marking its first losing week in three. The Dow Jones Industrial Average shed 1.6%, while the Nasdaq Composite slumped 3.2% for its second consecutive losing week. These losses were partly influenced by the yield on the benchmark 10-year U.S. Treasury surpassing the key 5% level last week, the first time since July 2007, after Federal Reserve Chairman Jerome Powell's hawkish messaging.

As earnings season ramps up, investors eagerly await reports from tech industry giants including Alphabet, Amazon, Meta, and Microsoft. These reports are expected to provide crucial information for the stock market and shed light on the current state and future outlook of the economy. Analysts believe that despite the alarming headlines, the fundamentals of the market remain strong. Ryan Detrick, chief market strategist at Carson Group, mentioned, "We're still seeing earnings season that's going to come in better than expected."

Additionally, investors are also preparing for important economic data releases. Thursday's third-quarter advance report for the U.S. gross domestic product and Friday's release of the personal consumption expenditure, an inflation yardstick, are anticipated to have an impact on the market. There are concerns that if these reports come in stronger than expected, it may keep the possibility of another interest rate hike this year on the table.

In the Gulf region, stock markets faced declines due to concerns over the Israel-Hamas war and potential interest rate hikes by the U.S. Federal Reserve. Saudi Arabia's benchmark index experienced its third consecutive session decline, ending 1.5% lower on October 22. The Qatari index sustained a five-day streak of losses, closing 0.9% lower, with major companies such as Industries Qatar and Qatar Navigation seeing a decline. The Dubai Financial Market General Index, Dubai's main share index, retreated by 1.5%. However, Egypt's blue-chip index managed to gain 2.4%.

The monetary policy in the Gulf Cooperation Council is typically influenced by the Federal Reserve's policies, as most regional currencies are pegged to the U.S. dollar. The Gulf Cooperation Council consists of Qatar, Bahrain, Oman, Kuwait, Saudi Arabia, and the United Arab Emirates.

With 30% of companies in the S&P 500 scheduled to report this week, investors are gearing up for the busiest period of earnings season. Tech titans Alphabet and Microsoft will release their earnings after the closing bell on Tuesday, followed by Meta on Wednesday and Amazon on Thursday. Investors will also be closely monitoring reports from key industrial companies such as 3M, General Electric, and Boeing.

Furthermore, the economic impact of United Auto Worker strikes will be assessed as General Motors reports on Tuesday and Ford on Thursday.

In summary, stock futures rose on Sunday evening as investors braced themselves for a week filled with crucial economic reports and earnings releases from tech giants. Despite recent market challenges, analysts remain hopeful about the strong fundamentals of the economy and anticipate positive outcomes from the earnings season.