Stock futures dipped slightly on Monday morning, as Wall Street aimed to maintain the momentum from last Friday’s rally. The S&P 500 futures edged down by 0.15%, while Nasdaq 100 futures rose approximately 0.18%. Meanwhile, Dow Jones Industrial Average futures saw a modest increase, ticking up 53 points, or about 0.1%.
This movement comes on the heels of a turbulent week for stocks, where major indices managed to eke out small gains. For the week, the S&P 500 climbed 0.22%, the Nasdaq Composite nudged up 0.10%, and the Dow Jones added 0.09%, marking the fourth consecutive winning week for these averages. A stronger-than-anticipated jobs report on Friday bolstered hopes that the Federal Reserve might achieve a much-coveted “soft landing” for the U.S. economy. The Dow soared to a record high following the report’s release.
Truist Wealth’s co-chief investment officer, Keith Lerner, cited familiar Wall Street adages: “don’t fight the trend and don’t fight the Federal Reserve,” underscoring their continued relevance as pillars supporting today’s stock market. However, Lerner warned of potential market volatility due to the upcoming U.S. presidential election and the prospects of an “October surprise.”
This week, international developments, particularly the ongoing tensions in the Middle East, will be closely monitored. On the economic front, several key releases are anticipated, including the Federal Reserve meeting minutes on Wednesday and the consumer price index report on Thursday. Additionally, the earnings season is set to intensify, with Delta Air Lines and JPMorgan Chase reporting their results on Thursday and Friday, respectively.
Investors remain watchful as they navigate these economic and geopolitical waters, eyeing potential impacts on the markets in the weeks ahead.
Original Story https://www.cnbc.com/2024/10/06/stock-market-news-today.html
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