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Traders work on the floor of the New York Stock Exchange on August 8, 2024.
Brendan McDiarmid | Reuters
Stock futures rose in overnight trading Sunday after the S&P 500 posted its best week of 2024.
Futures are linked to the S&P 500 Index. Futures linked to the Dow Jones Industrial Average It added 30 points or 0.1%. Nasdaq 100 Futures Up 0.1%
Stocks are headed higher after a profitable week amid a volatile period for equities. The broad index rose 3.9%, its best week since 2023. The Nasdaq Composite and the Dow Jones added 5.2% and 2.9%, respectively.
“Similar to some of the recent recoveries we’ve seen after pullbacks, this was a little game of ‘putting the money back where it came from,’” SoFi’s Liz Young Thomas told CNBC on Friday.
She added that the market needed “good news” to start recovering from last week's collapse. That came in the form of good retail sales, initial jobless claims and first-quarter 2011 earnings. Walmart.
Last week’s rally came after a turbulent start to August. Earlier this month, disappointing data fueled recession fears and concerns that the Federal Reserve was too late to cut interest rates. The concerns sparked a global selloff, sending the S&P 500 index to its worst day since 2022 on Aug. 5.
New data released last week appears to have calmed jittery markets, boosting hopes that the economy can achieve a soft landing scenario. The 12-month inflation rate, as measured by the consumer price index, slowed in July to 2.9% – its lowest level in more than three years.
Wall Street is looking ahead to Federal Reserve Chairman Jerome Powell’s speech in Jackson Hole, Wyoming, on Friday as investors look for more clarity on the outlook for interest rate cuts. That won’t be the only Fed news this week, with minutes from the Fed’s most recent policy meeting due out on Wednesday. The Democratic National Convention also begins on Monday.
Earnings season begins on Monday with results. Palo Alto Networks and Estee Lauder.
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