- US stock index futures trade marginally lower to start the week.
- S&P 500 and Nasdaq Composite closed the previous at new all-time highs.
- Fed Chairman Powell will testify before Congress later in the week.
Ahead of Monday’s opening bell, S&P 500 futures show a 0.15% decline, Dow Jones futures drop 0.25%, and Nasdaq futures are down 0.05%.
In the previous session, the S&P 500 (SPX), Dow Jones (DJIA), and Nasdaq (IXIC) indices concluded with gains of 0.80%, 0.23%, and 1.14%, respectively.
What to know before stock market opens
The Dow Jones Industrial Average (DJIA) concluded the previous week with marginal changes, closing at 39,087.39. Meanwhile, the S&P 500 (SPX) achieved a nearly 1% increase, setting a new all-time high at 5,137.07, and the Nasdaq Composite (IXIC) added over 1%, reaching a record of 16,274.94.
On Friday, the Technology Sector exhibited a robust performance, rising by 1.78%, outpacing other major sectors. The Energy Sector closely followed with a 1.17% increase. Conversely, the Utilities Sector experienced a decline of 0.72% at the close of the week.
Among individual stocks, NetApp Inc. (NTAP) emerged as the biggest gainer, surging by 18.167% to close at $105.31. Conversely, Zscaler Inc. (ZS) faced a setback, sliding nearly 9.4% and closing at $219.23 as the day’s biggest loser.
Analyzing recent developments in the equity markets, Jim Reid, global head of economics and thematic research at Deutsche Bank, observed, “the S&P 500 gained +0.95% last week (and +0.80% on Friday), marking 16 positive weekly gains out of the last 18 weeks, a feat not seen since 1971.” Additionally, Reid highlighted the Russell 2000 reaching its highest level since April 2022, posting a weekly gain of +2.96% and a Friday increase of +1.05%. Despite a broad rally, tech stocks led Friday’s significant surge, with the Magnificent 7 rising by +1.27% (+1.74% for the week). A strong earnings beat by Dell Technologies (+31.62% on Friday) boosted semiconductor stocks (+4.29%) and propelled Nvidia (+4.00%) above the $2 trillion market cap for the first time.
