Traders on the floor of the NYSE, June 15, 2022.
U.S. stock futures edged higher on Monday morning after a major rebound last week from steep declines this year. Despite the rebound, Wall Street is preparing to wrap up the worst first half for stocks in decades.
Dow Jones Industrial Average futures rose 0.1%, or 30 points. S&P 500 futures gained 0.22% and Nasdaq 100 futures advanced 0.51%.
These moves followed a major comeback week that saw Dow industrials jump more than 800 points, or 2.7%. The S&P 500 jumped 3.1% and the Nasdaq Composite jumped 3.3%.
These gains helped major averages post their first positive week since May. The Dow climbed 5.4% last week. The S&P 500 rose 6.5% and the Nasdaq Composite gained 7.5%.
Market participants continued to assess whether stocks bottomed or rebounded briefly from oversold conditions. Stocks could continue to rise in the near term this week as investors rebalance their holdings for the end of the quarter.
“In a sense, the stock market is likely to be … in a dead end mode for the foreseeable future,” Terry Sandven, chief equity strategist at US Bank Wealth Management, told CNBC on Friday.
“Inflation is on the rise, sentiment is in check, liquidity is evaporating and earnings are both a bright spot and a wild card. So overall for us that implies we are probably in sideways trending mode for a while,” Sandven added.
On the economic front, Wall Street expects the latest reading of durable goods orders to come out before the bell on Monday.
Traders are also watching the pending home sales report, which is due at 10 a.m. ET on Monday.
Stock futures rise slightly after a major comeback week for equities
Source link Stock futures rise slightly after a major comeback week for equities