Stock futures are flat after S&P 500 posts best week of the year
U.S. stock index futures were little changed during overnight trading Sunday after the S&P posted its best week of 2022, boosted by quarterly earnings reports and a better-than-expected January employment report.
Futures contracts tied to the Dow Jones Industrial Average advanced 0.11%. S&P 500 futures were flat, while Nasdaq 100 futures eased 0.1%.
The S&P and Nasdaq Composite advanced on Friday for their fifth positive session in the last six, and the indices also posted their best week since December. The Dow slid 0.06% on Friday, but still managed to post a 1.05% gain for the week. The Russell 2,000 meantime posted its first positive week in five and best week of 2022.
Earnings reports and a better-than-expected January jobs report pushed the major averages higher. The Labor Department said Friday that 467,000 jobs were added in January, well ahead of the 150,000 economists polled by Dow Jones were expecting.
«The increase in payrolls came as a welcome sign for the economy,» said Peter Essele, head of portfolio management at Commonwealth Financial Network. «The increase sent confirmation to investors that rate hikes are imminent, with the first occurring in the March meeting.»
Last week's gains follow a rocky start to the year for the major averages as rising rates prompted investors to shed growth names in favor of value-oriented areas of the market.
Credit Suisse says it's time to pivot to China, and names 6 global stocks to buy
Retail investors are buying the January dip in force, especially these four stocks
These Cathie Wood stocks look cheap after getting cut in half and could be buys from here
So far 56% of S&P 500 companies have posted quarterly earnings, with 79% beating earnings estimates and 77% topping
Read more on cnbc.com
