Traders work on the floor of the New York Stock Exchange during morning trading on May 17, 2024 in New York City.
Angela Weiss | AFP | Getty Images
U.S. stock futures rose Sunday night after the Dow Jones Industrial Average closed above the critical $40,000 level for the first time in history on Friday.
Futures tracking the 30-stock index rose less than 0.1%. S&P 500 futures and Nasdaq 100 futures also rose slightly.
The Dow reached the 40,000 level for the first time during Thursday’s trading, but the next day it added 134.21 points, or 0.3%, to close Friday at 40,003.59, its first close above the benchmark. On Friday, the S&P 500 index rose 0.1%, while the Nasdaq Composite Index fell less than 0.1%.
Tom Lee, head of research at Fundstrat Global Advisors, said the market rally should continue, at least in the short term.
“As I said earlier this month, I expected the market to move from ‘May fear’ to buying in May, and as the weeks have gone on, that’s been true. This will continue next week,” he said. I predict that.” I wrote in an email.
Artificial intelligence names will be in the spotlight this week, and Lee highlighted several potential catalysts, including the Microsoft Build event from Tuesday to Thursday and NVIDIA’s first-quarter earnings announcement Wednesday afternoon.
“Overall, we expect these events and gains to strengthen the awareness and capabilities of AI and related spending, which should be overall positive for technology stocks and the broader market.” the analyst added.
Palo Alto Networks, AutoZone, Target, Analog Devices, Intuit and Ralph Lauren are expected to report their results in the coming days. The minutes of the Federal Reserve’s April 30-May 1 meeting are scheduled to be released on Wednesday. Investors will also be looking at the latest data on several economic indicators, including existing home sales, unemployment claims and durable goods orders.
