Traders work on the floor of the New York Stock Exchange during afternoon trading on Feb. 5, 2024.
Michael M. Santiago | Getty Images
U.S. stock futures were little changed on Monday night after the S&P 500 snapped a six-day losing streak, buoyed by a rebound in tech stocks. Wall Street also looked ahead to key earnings and economic data later this week.
Dow Jones Industrial Average futures fell by 5 points, or 0.01%. S&P 500 futures slipped 0.04%, while Nasdaq 100 futures slid 0.13%.
Investors are coming off a winning session on Monday. The 30-stock Dow closed 0.67% higher. The S&P 500 advanced 0.87%, while the Nasdaq Composite climbed 1.11%. Both the S&P 500 and Nasdaq ended a six-day losing run.
Those moves come as investors bought the dip in tech stocks after a recent sell-off in key names such as Nvidia, which had been dinged recently amid fears of higher inflation and the prospect of elevated interest rates. Information technology was the best-performing S&P 500 sector on Monday. Nvidia jumped more than 4% during the trading session. The chip giant pulled back by nearly 14% last week, its worst weekly performance since September 2022.
“A short-term bounce in the market makes a lot of sense here in that, you know, we had a rough week and a half plus, and so now we’re seeing a little bit of a rebound as we go into tech,” Wealth Enhancement Group’s senior portfolio manager Ayako Yoshioka told CNBC’s “Closing Bell” on Monday.
Traders are also bracing for the release of mega-cap earnings results this week. First up will be Tesla reporting after the close on Tuesday. The electric vehicle stock has underperformed this year — down more than 40% — amid fears of greater competition from Chinese competitors. Meta Platforms is slated to post results on Wednesday afternoon, followed by Alphabet and Microsoft on Thursday.
“I think those earnings from Microsoft and Alphabet and Meta are going to be really important to determine whether or not that tech trade can continue to take the market higher,” Yoshioka added.
On the economic front, investors will watch for the release of new home sales data on Tuesday.