Global Courant 2023-05-15 15:04:07
Traders work on the floor of the New York Stock Exchange (NYSE) during morning trading on February 1, 2023 in New York City.
Michael M. Santiago | Getty Images
US stock futures rose Monday after consecutive weekly losses for the Dow Jones Industrial Average and S&P 500.
Dow futures gained 101 points, or 0.3%, reversing previous losses. S&P 500 futures climbed 0.4%, and Nasdaq 100 futures advanced 0.3%.
The S&P 500 and Dow lost 0.3% and 1.1% respectively last week. The Nasdaq Composite, meanwhile, rose 0.4%. The broader market index fell as poor sentiment around the US economy weighed on investor sentiment.
“The weak parts of the market remain weak and unable to recover, while the strong parts of the market are expansive and vulnerable,” BTIG’s Jonathan Krinsky said in a Friday note.
Wall Street on Friday took a preliminary reading from the University of Michigan last week that showed consumer confidence fell to a six-month low. Also the focus was on debt ceiling negotiations as the US approaches the so-called “X date”, or when the government may default without an increase in the debt limit to pay its bills. CNBC reported that a meeting between President Joe Biden and congressional leaders on the subject has been moved to this week.
On Monday, investors look forward to the May data for the Empire State Index, which will show how manufacturers in New York State feel about the economy. Economists polled by Dow Jones expect a reading of 1.0, which would be lower than the 10.8 level in previous data.
