S&P 500 Futures Rise Slightly as Investors Aim to Sustain May Momentum

S&P 500 Futures Inch Up as Investors Seek to Extend May Momentum

Team FS

03/Jun/2024

Key Points:

1: S&P 500 futures gained 0.1%, while Nasdaq-100 futures advanced 0.4%.

2: Wall Street wrapped up a strong May, with all three major averages posting gains, though the rally slowed towards month-end.

3: Investor focus shifts to interest rates and economic data ahead of the Federal Reserve meeting later in the month.

S&P 500 futures rose slightly on Monday as investors tried to carry the market’s strong May momentum into the new month. Futures tied to the broad market index gained 0.1%, while Nasdaq-100 futures advanced 0.4%. However, Dow Jones Industrial Average futures lagged, losing 19 points, or 0.05%.

In premarket trading, Nvidia shares ticked 3% higher, adding to the positive sentiment.

Wall Street is coming off a strong May, with all three major averages notching their sixth positive month in seven. The Nasdaq Composite rose 6.9%, marking its best month since November 2023.

Despite the overall positive sentiment, the rally appeared to lose steam near the end of the month. The three averages closed May more than 1% below their record highs, even as the Dow added more than 500 points on Friday. The Nasdaq fell 1.1% last week, particularly impacted by stumbling chip stocks, including Nvidia.

“Investor expectations are high, particularly for growth and tech companies. So companies who are missing earnings or issuing lackluster forward guidance are being punished,” said Dylan Kremer, chief investment officer at Certuity.

Moves in interest rates also remain a key focus for investors, especially with the Federal Reserve meeting later this month. Economic updates in the first week of June, including manufacturing data on Monday and a key jobs report on Friday, will provide further insight into the state of the economy and potential Fed actions.

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S&P 500 Futures Inch Up as Investors Seek to Extend May Momentum

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