Stock futures experienced an upward movement on Monday as investors sought to build on Friday’s fresh all-time high for the S&P 500.
Futures tied to the benchmark S&P 500 increased by 0.6%, mirroring the rise of Nasdaq 100 futures. Dow Jones Industrial Average futures went up by 52 points, indicating a 0.1% gain.
After witnessing losses earlier in the week, stocks made a notable recovery on Friday. The S&P 500 shattered both its intraday and closing records from January 2022. Additionally, the Dow Jones Industrial Average and the tech-focused Nasdaq Composite closed higher, resulting in all three major indexes being in positive territory for 2024. This gain confirms that Wall Street is officially in a bull market, which began in October 2022.
On Friday, technology stocks, in particular, stood out among the S&P 500 sectors, surging by 2.35% for the day and 4% for the week.
The strength of Wall Street moving forward largely hinges on whether the U.S. central bank will successfully navigate an economic soft landing. Investors are hoping for a series of interest rate cuts, set to commence in March, although there is uncertainty regarding whether the initial cut will come to fruition.
Source (CNBC)
