Futures signal more steam in S&P 500 after record high
(Reuters) — U.S. stock index futures rose on Monday, indicating further momentum in the S&P 500 after chip and megacap stocks drove the benchmark index to a record high last week, while corporate earnings and clues on rate cuts continued to top investors' radar.
After the prior year's stellar run, Wall Street's main indexes stalled at the start of 2024 as investors scaled back expectations of U.S. interest-rate cuts commencing as early as March, in light of mixed economic data and Federal Reserve policymakers playing down such bets.
A rally in chip stocks following bullish forecasts from Taiwan's TSMC and Super Micro Computer (NASDAQ:SMCI) last week, and heavyweight technology stocks steered the S&P 500 to a record high of 4,842.07 points and an all-time closing high of 4,839.81 points on Friday, confirming a bull market since its October 2022 closing low.
The Philadelphia SE Semiconductor index and the S&P 500 information technology index have jumped nearly 5% so far in January, among the top sectoral gainers, hitting all-time highs last week.
Nvidia (NASDAQ:NVDA) and Advanced Micro Devices (NASDAQ:AMD) gained 0.7% and 0.8%, respectively, in premarket trading, after hitting their highest levels on Friday, while Marvell (NASDAQ:MRVL) Technology, Qualcomm (NASDAQ:QCOM) and Micron Technology (NASDAQ:MU) climbed around 1% each.
Megacaps Alphabet (NASDAQ:GOOGL), Meta Platforms (NASDAQ:META) and Tesla (NASDAQ:TSLA) also gained between 0.8% and 1.2%.
Meanwhile, big-ticket earnings later this week from Netflix (NASDAQ:NFLX), Tesla, Abbott Laboratories (NYSE:ABT), Intel (NASDAQ:INTC) and Johnson & Johnson (NYSE:JNJ), among others, will be keenly watched for insights into the health of corporate America.
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