SPY - Wall Street Set For Cautious Start After Record Run Last Week: Fed Speeches Manufacturing Data In Focus Expert Flags Key Stock Catalyst | Benzinga
U.S. stocks are gearing up for a cautious start following last week’s record run, with the index futures currently showing mixed sentiment. Tech stocks could extend the strength but it remains to be seen if that pervades into the broader market. Market strategists are upbeat about the trajectory for the rest of the year and recommend judicious buying on dips.
In Monday’s session, traders may seek cues from a Fed speech and the results of a regional manufacturing survey. Some of them may prefer to move to the sidelines ahead of Tuesday’s retail sales report.
Futures Performance (+/-)
Nasdaq 100 +0.11%
S&P 500 -0.10%
Dow -0.22%
R2K -0.41%
In premarket trading on Monday, the SPDR S&P 500 ETF Trust (NYSE:SPY) edged down 0.05% to $542.49, while the Invesco QQQ ETF (NASDAQ:QQQ) traded up 0.13% at $479.81, according to Benzinga Pro data.
Cues From Last Week:
Wall Street rode on the positive sentiment generated by the twin inflation reports released last week and positive tech earnings. Traders largely ignored the tempered rate-cut expectations following the Fed decision. The Nasdaq Composite and the S&P 500 Index recorded weekly gains, while the Dow Jones Industrial Average edged down for the week. Interest rate-sensitive small-cap stocks underperformed the major averages.
Index Performance (+/-) Value
Nasdaq Composite +3.24% 17,688.88
S&P 500 Index +1.58% 5,431.60
Dow Industrials -0.54% 38,589.16
Russell 2000 -1.01% 2,006.16
Insights From Analysts:
LPL Financial Chief Equity Strategist Adam Turnquist advised tactically buying the dips rather than chasing the latest ...