Traders on the NYSE floor, October 25, 2022.
Source: NYSE
Stock futures were little changed Sunday evening as investors looked to build on the S&P 500's new all-time high set on Friday.
Futures tied to the benchmark S&P 500 0.1% added while Nasdaq 100 futures increased by 0.2%. Dow Jones Industrial Average futures rose 37 points or 0.1%.
Stocks rebounded on Friday after losing ground earlier in the week. The S&P 500 broke both its intraday and closing records set in January 2022. The Dow Jones Industrial Average and the tech-heavy Nasdaq Composite also closed higher, with all three major indexes in the green so far in 2024. Friday's rise officially signaled that Wall Street is indeed in a bull market, dating back to an October 2022 low.
The technology sector stood out among the S&P 500 sectors on Friday, gaining 2.35% for the day and 4% for the week.
Wall Street's strength will apparently depend on whether or not the Federal Reserve manages an economic soft landing. Investors are hoping for a series of interest rate cuts starting in March, but are unsure whether the first cut will bear fruit.
Data from CME Group's FedWatch tool on Friday shows investors are now pricing in about a 47% chance of a Fed rate cut in March, down sharply from 81% a week earlier.
Investors will be closely watching a series of economic reports coming out this week, including gross domestic product data on Thursday and consumer spending prices on Friday. Both reports could shed light on how central bank policymakers view future monetary policy.
— Correction: An earlier version of this story misstated the reporting date for gross domestic product data. The Commerce Department will release its first estimate of gross domestic product on Thursday.
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