U.S. stock futures were little changed Monday night after the major stock averages rose to start the second half of 2024 on strong performance from technology stocks.
Dow Jones Industrial Average futures fell 9 points, or 0.02%, while S&P 500 futures and Nasdaq 100 futures fell 0.01% and 0.02%, respectively.
Wall Street ended on a strong note for the benchmarks: The tech-heavy Nasdaq Composite Index rose 0.83% to close at a record high, while the S&P 500 rose 0.27%, while the Dow Jones Industrial Average rose 50.66 points, or 0.13%.
Investors are considering whether the strong start to the year can continue into the second half of 2024. Large tech stocks continue to perform well, but bearish market watchers worry that narrow ranges are a sign of future volatility.
But for now, stocks in the major indexes are performing at healthy levels, said Kevin Gordon, senior investment strategist at Charles Schwab.
“I actually think that’s going to be key for the rest of the year,” Gordon said on CNBC’s “Closing Bell” on Monday. “If we can get more than two-thirds of the S&P and Nasdaq components to stay above their 200-day moving averages, I think we’re going to remain in a relatively healthy place as we go through a period of soft economic data and we get a little more clarity on the direction of the Fed and the actual timing of rate cuts.”
Federal Reserve Chairman Jerome Powell will speak on a policy panel at the European Central Bank Forum at 9:30 a.m. ET on Tuesday. Central bank governors will participate in panel discussions and will not deliver prepared remarks. Powell will be on stage with European Central Bank President Christine Lagarde and Brazilian Central Bank Governor Roberto Campos Neto. CNBC’s Sarah Eisen will moderate the panel.
A report on job openings and labor mobility for May is also due to be released on Tuesday. Economists surveyed by Dow Jones expect job openings to fall to 7.9 million last month from 8.1 million in April.
Markets closed early on Wednesday and are closed on Thursday for Independence Day. On Friday, investors will get insight into the labor market when June jobs data is released.
