Stock futures are steady after S&P 500’s best week since 2020
Steven Birdsall (chief revenue officer at Anaplan Inc.), left and Frank Calderoni (president and chief executive officers of Anaplan Inc.), center, speak to traders during Anaplan Inc.’s initial public offering in New York Stock Exchange on October 12, 2018.
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U.S. stock futures were steady in overnight trading on Sunday after the S&P 500’s best week since 2020.
Dow futures gained 15 points. S&P 500 futures rose 0.04% and Nasdaq 100 futures were flat.
The three major averages had their highest week since November 2020. This was largely due to growth stocks. The S&P 500 surged 6.1% from Monday to Friday. The Dow Jones Industrial Average closed the week 5.5% lower, and technology-focused Nasdaq Composite rose 8.1%.
The S&P 500 recouped nearly half of its correction losses last week as investors received highly anticipated clarity from the Federal Reserve, which raised interest rates for the first time since 2018. According to the central bank, it indicated that rates will be raised at six more meetings in 2019.
Julian Emanuel from Evercore ISI, Head of Equities and Derivatives, stated that the Fed has set the scene for investors to refocus on earnings. Bottom line…earnings expectations since the start of the year are up.”
The war between Russia, Ukraine is also being monitored by market participants. Volodymyr Zelenskyy, the President of Ukraine warned that failure to reach a peace deal with Vladimir Putin would lead to a third world war.
Zelenskyy stated that “if these attempts fail”, it would be a sign that there is a third war. This was in an interview Zelenskyy gave to Fareed Zakaria of CNN. The interview aired on Sunday morning.
Russian and Ukrainian officials met periodically for peace negotiations, but they have not progressed to major concessions.
An increase in Covid cases across Europe is also being considered by investors. emerging variant.
While the economic calendar may be light for this week’s earnings, several companies will report their results. Nike and Tencent Music will report their quarterly results Monday.
—CNBC’s Patti Domm contributed to this report.