The recent gains have come despite an underwhelming start to earnings season and more signs that the U.S. economy is slowing.
Stock futures were largely flat on Monday evening as investors looked to continue a strong start to the week during a busy stretch of corporate earnings. Futures tied to the Dow Jones Industrial Average added 6 points, or less than 0.
1%. S&P 500 futures and Nasdaq 100 futures were also little changed. The muted move in futures comes after a solid start to the week on Wall Street. On Monday, the Nasdaq Composite led with a gain of 2.01%. The S&P 500 and Dow gained 1.19% and 0.76%, respectively. It was the second straight positive day for the major averages, and all three are up in 2023. The gains have come despite an underwhelming start to earnings season and more signs that the U.S. economy is slowing. "It is possible that for this quarter, for Q4, we could see some upside surprises because the economy was holding up well," said Angelo Kourkafas, investment strategist at Edward Jones. "However, the focus will be on any kind of guidance and the outlook, and the leading economic indicators and market indicators that we look at are all pointing toward the same thing — that a slowdown and a weakening of the economy is coming." On Tuesday, General Electric, Johnson & Johnson and Verizon are among the key companies reporting earnings before the bell. Software giant Microsoft is scheduled to report on Tuesday afternoon.Stocks rose on Monday, but aren't quite high enough to be considered a true market rally, according to Cameron Dawson of NewEdge Wealth.Closing Bell: OvertimeThe S&P 500 never hit the key moving level in 2022 because it was in a downtrend, Dawson said. If stocks break through this level, it may indicate that the rally has potential to move into a new bull market cycle. Technicals and positioning can only get stocks so far, she added, before a fundamental shift is needed to really give stocks forward momentum.She cautioned that stocks upside will likely stay capped until the Federal Reserve fully pivots and stimulates the U.S. economy again.If stocks are able to rally and break the 65-day high, it would also likely lower the probability of the S&P 500 retesting its October lows, Dawson said.Futures opened little changed on Monday evening after solid gains for stocks during regular trading hours. There were no large cap earnings reports after the bell to spark major moves in the futures market.Stocks enjoyed a broad rally on Monday. Here's a look at some of the key numbers from the trading session.The S&P 500 gained 47 points, or 1.19%, to close at 4,019.81.Nvidia had the largest impact on the Nasdaq, adding 36 points.— Jesse Pound, Christopher Hayes
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