Stock futures were little changed Monday evening as Wall Street waits to see if last week’s market rally can find new momentum.
S&P 500 futures dipped less than 0.1%. Nasdaq 100 futures were down 0.1%, while futures tied to the Dow Jones Industrial Average shed 15 points, or less than 0.1%.
The moves in futures follow a relatively calm trading session on Monday that saw the S&P 500 grind higher by 0.09% for its sixth straight positive session. The Dow gained about 137 points, or 0.32%, while the Nasdaq Composite ticked up just 0.02%.
While Monday’s gains were marginal, they do add to what has been a rapid and sharp rebound for stocks over the past five weeks. The S&P 500 is now just 3% from its record high.
The gains came despite continued uncertainty around the impact of tariffs on the economy and worries about a potential U.S. recession. Investors even shrugged off the downgrade of the U.S. government’s credit by Moody’s Ratings.
That backdrop has led to some skepticism about the rally, but Carson Group chief market strategist Ryan Detrick told CNBC that the rebound should be taken seriously.
“All these worries and concerns are real. We’re not ignoring everything that’s out there. But are we listening to what the market’s doing, right? The previous 27 trading days, the S&P 500 is up close to 20%. … That’s not a bear market rally. That’s not a short-covering rally,” Detrick said Monday on “Closing Bell: Overtime.”
Earnings reports will provide some fodder for the debate about the U.S. economy on Tuesday. Home Depot is set to report its latest results in the morning, while homebuilder Toll Brothers will release its quarterly report after the market closes.
Traders will also keep an eye out for commentary about the Federal Reserve’s interest rate policy, as several central bank officials are scheduled to speak on Tuesday, including St. Louis Fed President Alberto Musalem.