Traders work on the floor of the New York Stock Exchange during afternoon trading on February 5, 2024.
Michael M. Santiago | Getty Images
U.S. stock futures were little changed Monday night after the S&P 500 ended a six-day losing streak, helped by a rally in tech stocks. Wall Street was also looking ahead to major earnings and economic indicators later this week.
Dow Jones Industrial Average Futures It was flat. S&P500 futures Although it fell by 0.01%, Nasdaq 100 futures It fell by 0.1%.
Investors are coming off a winning session on Monday. 30 shares Dow It closed 0.67% higher.of S&P500 Although it increased by 0.87%, Nasdaq Composite It rose by 1.11%. Both the S&P 500 and Nasdaq ended six days of declines.
The moves came as investors bought into tech stocks following declines in major stocks, including: Nvidia, which had been sluggish recently amid expectations of rising inflation and rising interest rates. Information technology was the best performing S&P 500 sector on Monday. Nvidia rose more than 4% during trading. The semiconductor giant fell nearly 14% last week, its worst weekly performance since September 2022.
“A short-term rebound in the market makes a lot of sense here. As you know, we’ve had a rough week and a half, and now we’re slowly recovering as we enter the technology industry. “Wealth Enhancement Group senior portfolio manager Ayako Yoshioka said Monday on CNBC’s “Closing Bell.”
Traders are also bracing for mega-cap earnings announcements this week. The first thing to mention is tesla I will report after the close of trading on Tuesday. Electric vehicle stocks have underperformed this year, falling more than 40% on concerns about increased competition from Chinese rivals. Metaplatforms is expected to announce its results Wednesday afternoon, followed by Alphabet and Microsoft on Thursday.
“I think the earnings from Microsoft and Alphabet & Meta will be very important in determining whether tech deals can continue to drive the market higher,” Yoshioka added.
On the economic front, investors are keeping an eye on new home sales statistics to be released on Tuesday.
