Traders work on the trading floor of the New York Stock Exchange on August 8, 2024.
Brendan McDermid | Reuters
Stock futures edged higher in overnight trading Sunday after the S&P 500 posted its best week of 2024.
Futures linked to the S&P 500 Index rose 0.1%, while futures-related Dow Jones Industrial Average An increase of 30 points, or 0.1%. Nasdaq 100 Futures Slightly up 0.1%
Stocks are enjoying a week of gains amid wild market volatility. The composite index rose 3.9%, its best week since 2023.
“Like the last few recoveries we’ve had after pullbacks, it’s a little game of ‘put the money back where it came from,'” SoFi’s Liz Young Thomas told CNBC on Friday.
She added that the market needs “good news” to start recovering from last week’s plunge. This comes in the form of good retail sales, initial jobless claims and results. Walmart.
Last week’s rebound came after a tumultuous start to August. Disappointing data earlier this month heightened fears of a recession and concerns that the Federal Reserve was lagging behind in cutting interest rates. That concern sparked a global sell-off, pushing the S&P 500 to its worst day of 2022 on August 5.
New data last week appeared to calm anxious markets and boost hopes of a soft landing for the economy. Twelve-month inflation, measured by the consumer price index in July, slowed to 2.9%, the lowest reading in more than three years.
Wall Street is looking ahead to Federal Reserve Chairman Jerome Powell’s speech on Friday in Jackson Hole, Wyoming, as investors seek clearer prospects for rate cuts. This won’t be the only Fed news this week, as minutes from the Fed’s most recent meeting will be released on Wednesday. The Democratic National Convention also opens on Monday.
Earnings season begins on Monday, and here are the results: Palo Alto Networks and Estee Lauder.
About The Author
