Traders on the ground of the NYSE, May 23, 2022.
Source: NYSE
S&P 500 futures rose on Monday evening, as Wall Street tried to construct on final week’s momentum.
Dow Jones Industrial Average futures gained 36 factors, or 0.1%. S&P 500 and Nasdaq 100 futures climbed 0.3% and 0.8%, respectively. The U.S. inventory market did not open Monday because of the Memorial Day vacation.
Those strikes comply with the perfect weekly beneficial properties for the Dow and S&P 500 since November 2020.
The Dow closed up 6.2% for the week, ending an eight-week dropping 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 final week’s beneficial properties 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 experiences 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 properly off their highs. The Dow is 10.1% under its 52-week excessive, the S&P 500 is down 13.7%, and the Nasdaq is off by about 25.2%.
“We may get some sharp snapbacks in shares that will not signify a real turning level for the market,” Strategas funding strategist Ryan Grabinski mentioned in a Friday report. “The constructing of a bear market is a course of, and we may nonetheless decline additional.”
Traders will look via 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.
