Stock futures rose slightly in overnight trading on Sunday after the S&P 500 posted its best week of 2024.
Futures tied to the S&P 500 rose 0.1 percent, while futures tied to the Dow Jones Industrial Average gained 30 points, or 0.1 percent. Nasdaq-100 futures rose about 0.2 percent.
Equity markets have had a successful week, although the stock market was more volatile. The broad index gained 3.9%, recording its best week since 2023. The Nasdaq Composite and the Dow gained 5.2% and 2.9%, respectively.
“Similar to some of the recent recoveries from setbacks, this was a little game of ‘put the money back where it came from,'” SoFi’s Liz Young Thomas told CNBC on Friday.
She added that the market needed “good news” to recover from the previous week’s slump. That came in the form of strong retail sales, initial jobless claims and results from Walmart.
Last week’s rally came after August got off to a turbulent start. Earlier in the month, disappointing data stoked recession fears and worries that the Federal Reserve was lagging on rate cuts. The worries sparked a global sell-off that pushed the S&P 500 to its worst day since 2022 on August 5.
New data last week appeared to calm worried markets and bolster hopes that the economy can achieve a soft landing. The 12-month inflation rate, as measured by the consumer price index in July, slowed to 2.9% – the lowest in more than three years.
Wall Street is eagerly awaiting Fed Chairman Jerome Powell’s speech in Jackson Hole, Wyoming, on Friday, as investors seek more clarity on the prospects for rate cuts. That won’t be the only Fed news of the week, as the minutes of the Federal Reserve’s latest meeting are due on Wednesday. The Democratic National Convention also begins on Monday.
Earnings season begins on Monday with results from Palo Alto Networks and Estee Lauder.
Stock futures rise slightly
Stock futures opened slightly higher on Sunday evening.
Futures tied to the S&P 500 rose 0.1 percent, while futures tied to the Dow Jones Industrial Average gained 20 points. Nasdaq-100 futures rose 0.1 percent.
— Samantha Subin
