Traders on the ground of the NYSE, May 23, 2022.
S&P 500 futures rose on Monday night time, as Wall Street tried to build on last week’s momentum.
Dow Jones Industrial Average futures gained 21 factors, or 0.1%. S&P 500 and Nasdaq 100 futures climbed 0.3% and 0.7%, respectively. The U.S. stock market did not open Monday as a result of Memorial Day vacation.
Those strikes comply with one of the best weekly positive aspects for the Dow and S&P 500 since November 2020.
The Dow closed up 6.2% for the week, ending an eight-week shedding streak. The S&P 500 gained 6.5%, and the Nasdaq gained 6.8% on the week, ending constructive after seven continuous weeks of losses. Solid earnings from the retail sector, in addition to an inflation report that confirmed costs may very well be easing, lifted investor sentiment.
A bit of last week’s positive aspects got here Friday, when the Dow rallied greater than 550 factors, and the S&P 500 popped 2.5%. The Nasdaq, in the meantime, rallied 3.3%, boosted by strong studies from tech firms, in addition to a dip within the 10-year Treasury yield.
Still, merchants proceed to deliberate whether or not the bounce marks a backside as shares stay nicely off their highs. The Dow is 10.1% beneath its 52-week excessive, the S&P 500 is down 13.7%, and the Nasdaq is off by about 25.2%.
“We could get some sharp snapbacks in stocks that won’t represent a true turning point for the market,” Strategas funding strategist Ryan Grabinski stated in a Friday report. “The building of a bear market is a process, and we could still decline further.”
Traders will look by way of extra company quarterly earnings throughout a holiday-shortened week. Salesforce, HP and Victoria’s Secret are anticipated to report earnings on Tuesday after the bell.