Traders walk the floor during morning trading at the New York Stock Exchange on May 14, 2024.
Spencer Platt | Getty Images
Stock futures are near flat Monday night after a winning day on Wall Street as investors gear up for May retail sales data.
Dow Jones Industrial Average futures rose 28 points, or 0.1%. S&P 500 futures and Nasdaq 100 futures both traded around flat.
Those moves follow a positive session on Wall Street that propelled the S&P 500 higher by nearly 0.8%, while the Nasdaq Composite finished with a gain of almost 1%. Both indexes reached all-time highs during the session and closed at records. The 30-stock Dow advanced about 0.5% to end four days of losses.
“Investors are basically feeling the trend is my friend until it ends,” said Sam Stovall, chief investment strategist at CFRA Research. “They don’t really see anything at this point that is going to cause this upward move to end.”
Tech stocks performed well in the session, helping the tech-heavy Nasdaq outperform and aiding the broader S&P 500’s rise. Notably, Broadcom climbed more than 5%, while Apple jumped around 2%.
Nvidia touched an all-time intraday record as State Street said the chipmaker would likely see a weighting of more than 20% in the rebalance of its popular exchange-traded fund focused on tech. But the stock rolled over, ending the day down 0.7%. Despite that pullback, shares are still up nearly 165% on the year.
Looking ahead, investors will closely watch retail sales data for May due Tuesday morning for insights into the health of the consumer. Economists polled by Dow Jones forecasted growth of 0.2% from April.
Other economic reports on topics like industrial production and business inventories are also expected in the morning. Several Federal Reserve officials including Boston Fed President Susan Collins and Richmond Fed President Tom Barkin are expected to speak at events across the country throughout the day.
