A trader stands on the NYSE floor on October 25, 2022.
Source: New York Stock Exchange
Stock futures were little changed Sunday night as investors bet on a new all-time high for the S&P 500 starting Friday.
Benchmark-linked futures S&P500 I added 0.1%, Nasdaq 100 futures It increased by 0.2%. Dow Jones Industrial Average Futures Increased by 37 points (0.1%).
Stocks stalled early in the week, but regained momentum on Friday. The S&P 500 broke both intraday and closing price records since January 2022. The Dow Jones Industrial Average and the tech-heavy Nasdaq Composite also closed higher, putting all three major indexes in the green for the start of 2024. Friday’s rally officially signaled a rally for Wall The Street is certainly in a bull market stemming from the October 2022 low.
Tech stocks were prominent among S&P 500 sectors on Friday, rising 2.35% for the day and 4% for the week.
Wall Street’s strength appears to depend on whether the U.S. central bank can achieve a soft landing for the economy. Investors are hoping for a series of benchmark interest rate cuts starting in March, but there is little certainty that the first cut will materialize.
Investors are currently pricing in a roughly 47% chance that the Fed will cut interest rates in March, down from 81% a week ago, according to data from CME Group’s FedWatch tool as of Friday.
Investors are eyeing a series of economic reports this week, including Thursday’s gross domestic product (GDP) data and Friday’s consumer spending prices. Both reports could provide insight into how central bank policymakers view monetary policy going forward.
— Correction: An earlier version of this article incorrectly listed the reporting date for gross domestic product data. The Commerce Department will release its first gross domestic product (GDP) estimates on Thursday.
