Trader on the floor of the NYSE, Oct. 25, 2022.
Source: NYSE
Stock futures were little changed on Sunday evening, with investors looking to build on the S&P 500’s fresh all-time high from Friday.
Futures tied to the benchmark S&P 500 added 0.1%, while Nasdaq 100 futures gained 0.2%. Dow Jones Industrial Average futures ticked up 36 points, or 0.1%.
Stocks roared back to life on Friday after losing ground earlier in the week. The S&P 500 broke both its intraday and closing record from January of 2022. The Dow Jones Industrial Average and tech-heavy Nasdaq Composite also closed higher, with all three major indexes now in the green so far in 2024. Friday’s gain officially signaled that Wall Street is indeed in a bull market stemming from an October 2022 low.
Tech stood out among S&P 500 sectors on Friday, gaining 2.35% on the day and 4% on the week.
Wall Street’s strength will seemingly depend on whether or not the U.S. central bank will capture an economic soft landing. Investors are hoping for a series of benchmark interest rate cuts beginning in March, although they are less sure the initial cut will come to fruition.
Data from the CME Group’s FedWatch Tool as of Friday shows investors are now pricing in a roughly 47% chance of a Fed rate cut in March, a steep decrease from 81% a week earlier.
Investors will be closely watching a slate of economic reports due out this week, including gross domestic product data on Thursday and the personal consumption expenditures prices on Friday. Both reports could provide insight into how central bank policymakers view monetary policy moving forward.
