Futures for the Dow Jones, S&P 500, and Nasdaq 100 were relatively flat in pre-market trading on Tuesday, following a strong day in the stock market on Monday, Investor’s Business Daily reports.
The S&P 500 hit a new high, while Nvidia stock closed at a record level with significant gains. The tech-heavy Nasdaq Composite also advanced, reflecting continued strength in major tech companies.
On Monday, the Dow Jones Industrial Average rose by 0.5%, the S&P 500 gained 0.8%, and the Nasdaq Composite climbed 0.9%, as investor sentiment remained optimistic. Nvidia led the charge, with its stock surging 2.4% to an all-time high, just below its previous intraday peak set in June.
The week ahead is relatively quiet on the economic data front, but key reports, such as new unemployment claims and September retail sales, are anticipated on Thursday. Economists predict that initial jobless claims will rise by 12,000 to reach 270,000 due to the impact of Hurricane Milton, following a sharp increase in claims the previous week.
Retail sales data will provide insight into consumer spending trends, with expectations of a 0.45% overall rise in September and a 0.25% increase excluding auto sales. This marks a moderate improvement from the slight 0.1% growth seen in the prior month.
In addition to economic reports, major earnings releases this week include tech giants Netflix and Taiwan Semiconductor Manufacturing (TSMC), both of which are scheduled to report on Thursday.
Among other notable stocks, JPMorgan Chase, Amazon, and Apple continue to be key companies to watch. JPMorgan is approaching a potential breakout, while Amazon and Apple are nearing important buy points.
As the market continues its upward trend, the 10-year US Treasury yield ticked higher to 4.09%, and oil prices fell, with West Texas Intermediate futures settling around $74 per barrel. Investors remain cautious, closely watching economic developments and upcoming earnings reports.
