Stock futures rose in overnight trading Sunday, after the market suffered a down week as the 2024 rally stalled.
Dow Jones Industrial Average futures rose 95 points, S&P 500 futures rose 0.2% and Nasdaq 100 futures advanced 0.3%.
The 30-stock Dow Jones Industrial Average fell 2.3% last week, its worst weekly performance since the beginning of the year. The S&P 500 fell nearly 1% during the period, its biggest weekly loss since early January. The Nasdaq Composite dropped 0.8%, suffering its fourth negative week in five.
However, the market ended the final session last week on a positive note, following a stronger-than-expected jobs report on Friday.
The surprise payroll increase gave investors hope that a strong economy could continue to support corporate earnings growth, even if it meant higher interest rates for longer.
“Jobs and wages are rising strongly, and total payrolls are outpacing inflation, which will keep Americans spending in 2024 and drive the economy forward,” said Bill Adams, chief economist at Comerica Bank.
For more clarity on how successful the Fed is in combating inflation, investors will be looking ahead to March consumer and producer price index readings later this week.
Economists polled by Dow Jones expect the CPI figure, due out Wednesday morning, to rise 0.3% last month and 3.5% on a year-over-year basis.
