Stock futures pushed higher on Sunday evening as Wall Street looks to find its footing following a steep sell off for tech companies.
Futures the S&P 500 rose 0.2%. Nasdaq 100 futures added 0.2%, while those for the Dow Jones Industrial Average added 66 points, or 0.2%.
The S&P 500 and Nasdaq Composite tell 3.05% and 5.52% last week, and are each on six day losing streaks. The Nasdaq fell more than 2% on Friday alone, with chip giant Nvidia sinking 10%.
The Dow, which has less tech exposure than the other two benchmark averages, was little changed on the week.
The struggles for equities come as recent inflation readings have diminished hopes that the Federal Reserve will cut rates several times in 2024.
“Large weekly losses in SPY and QQQ showed that investors are finally waking up to the reality of the long-promised ‘higher for longer’ interest rate scenario they refused to believe,” Rick Bensignor of Bensignor Investment Strategies said in a note to clients Sunday, referring to major index funds.
This week will deliver several major economic updates, with GDP due out on Thursday and a key inflation reading on Friday.
Corporate earnings could also be a factor in the coming days, with names like Tesla, Meta Platforms, American Airlines, Microsoft and Alphabet all set to report in the week ahead.