NEW YORK, NEW YORK – OCTOBER 16: Traders working on the floor of the New York Stock Exchange (NYSE) in New York City.
Spencer Pratt | Getty Images
U.S. stock futures rose on Monday after the Dow Jones Industrial Average and S&P 500 posted their best weekly winning streaks in 2024.
Dow Jones Industrial Average futures rose 37 points, or 0.1%. S&P 500 futures and Nasdaq 100 futures rose 0.4% and 0.6%, respectively.
The move comes after the S&P 500 and Dow 30 both hit all-time highs on Friday, cementing a six-week streak of gains this year for both benchmarks. The S&P 500 ended the week 0.85% higher and the Dow closed 0.96% higher. The Nasdaq Composite rose 0.80%.
Whether stock prices can sustain these gains may depend on whether companies can beat expectations during earnings season, which gets into full swing this week. About one-fifth of S&P 500 companies plan to report earnings by Friday.
So far, results have been mixed. Of the 14% of S&P 500 companies that have already reported third-quarter results, 79% beat expectations, according to FactSet’s John Butters. But the size of those heartbeats is more lackluster, he noted.
After the recent winning streak, investors are optimistic that there is still room in the stock market. Still, they are mindful that inflated valuations could mean further instability as geopolitical risks rise ahead of the U.S. presidential election.
“If we don’t really get confirmation that the market is worth this higher price, we may see the gains being used up fairly soon,” said Sam Stovall, chief investment strategist at CFRA Research. said.
On the economic front, leading indicators for September are scheduled to be released on Monday at 10 a.m. Eastern Time.
