Traders work on the floor of the New York Stock Exchange on April 10, 2024.
Spencer Platt | Getty Images
S&P 500 futures inched higher Sunday night as the broad index came off its best week in several months. Traders are looking ahead to a week with more corporate earnings, key labor data and a Federal Reserve meeting.
Futures tied to the index added 0.1%. Dow Jones Industrial Average futures rose 58 points, or 0.2%. Nasdaq 100 futures advanced 0.1%.
Those moves follow a positive — albeit rocky — week on Wall Street. The S&P 500 jumped 2.7%, notching its best week since November and breaking a three-week negative streak. With a rally of 4.2%, the Nasdaq Composite also saw its best weekly performance going back to November and its first winning week in the last five. The Dow finished the week 0.7% higher.
“The YTD upgrade in the market’s pricing of economic growth largely explains the resilience in equities this year alongside the climb higher in interest rates,” David Kostin, Goldman Sachs’ chief U.S. equity strategist, wrote to clients. “However, during the past few weeks, the driver of rates has shifted from better growth to
hawkish monetary policy concerns, which has been more difficult for stocks to digest.”
Earnings season continues this week, with releases from major names including McDonald’s, Coca-Cola, Apple and Amazon. It’s shaping up to be a strong quarter: Of the more than 45% S&P 500-listed firms that have posted results so far, about four out of every five have surpassed expectations, according to FactSet.
Monetary policy will take center stage later in the week, with the Fed set to release its latest interest rate announcement on Wednesday. While the central bank is widely anticipated to keep the borrowing cost unchanged, investors will still closely monitor the post-announcement press conference with Chair Jerome Powell.
That announcement comes ahead of April’s nonfarm payrolls report expected Friday. Traders analyze the data for insights into the strength of the labor market given its role in the monetary policy decision making process and the country’s broader economic health.
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