Stock futures jump on S&P 500’s new all-time high

Futures tied to the benchmark S&P 500 gained 0.21%, while Nasdaq 100 futures added 0.57%, and Dow Jones Industrial Average futures rose 51 points, or 0.13%

Stock futures gained on Sunday evening, with investors looking to build on the S&P 500′s new all-time high from Friday.

Futures tied to the benchmark S&P 500 gained 0.21%, while Nasdaq 100 futures added 0.57%. Dow Jones Industrial Average futures rose 51 points, or 0.13%.

Stocks soared back to life on Friday after losing ground earlier in the week. The S&P 500 broke both its intraday and closing record from January of 2022. The Dow Jones Industrial Average (DJIA) and tech-heavy Nasdaq Composite also ended higher, with all three major indexes now in the green so far in 2024. Friday’s gain officially signalled that Wall Street is indeed in a bull market stemming from an October 2022 low.

Tech stood out among S&P 500 sectors on Friday, adding 2.35% on the day and 4% on the week.

Wall Street’s strength will seemingly depend on whether or not the U.S. Fed will capture an economic soft landing. Investors are hoping for a series of benchmark interest rate reductions beginning in March, although they are less sure the initial cut will come to fruition.

Data from the CME Group’s FedWatch Tool as of Friday shows investors are now pricing in a nearly 47% probability of a Fed rate cut in March, a sharp decline from 81% a week earlier.

Investors will be closely watching a slew of economic reports due out this week, including gross domestic product (GDP) data on Thursday and the personal consumption expenditures (PCD) prices on Friday. Both reports could provide insight into how central bank policymakers view monetary policy moving forward.