U.S. stock index futures saw a slight uptick on Monday, with investor focus turning to Nvidia’s quarterly earnings and the release of the Federal Reserve’s policy meeting minutes later this week, potentially challenging Wall Street’s ongoing record-breaking streak.
Last week, the three major indexes notched their fourth consecutive week of gains, buoyed by positive corporate earnings and lower-than-expected inflation figures, which fueled expectations for interest rate cuts in the near term.
The S&P 500 and Nasdaq reached new all-time highs, while the Dow Jones Industrial Average closed above the significant 40,000 level on Friday.
Deutsche Bank revised its year-end S&P 500 target to 5,500 from 5,100 points, citing robust corporate earnings as a driving force.
Investors eagerly await Nvidia’s earnings report, as the AI chip leader is expected to provide insight into the tech sector’s performance. Additionally, the Fed’s meeting minutes will offer clues about policymakers’ views on economic conditions and potential monetary policy adjustments.
Nvidia shares rose by 1.3% in premarket trading, with several brokerages raising their price targets for the stock.
Analysts anticipate a somewhat hawkish tone in the Fed meeting minutes compared to Chair Powell’s previous remarks, reflecting differing views within the committee on the efficacy of current monetary policy.
As investors await further guidance on potential rate cuts, they will scrutinize comments from key Fed officials, including Raphael Bostic, Michael Barr, Christopher Waller, and Philip Jefferson throughout the day.
Market sentiment suggests an 82% likelihood of a Fed rate cut of at least 25 basis points by September, according to the CME’s FedWatch Tool.
Economic data releases scheduled for the week include weekly initial jobless claims, S&P Global flash PMI readings, and durable goods data.
Global markets also kept a close watch on developments surrounding the death of Iranian President Ebrahim Raisi in a helicopter crash.
At 7:18 a.m. ET, Dow e-minis rose by 11 points, or 0.04%, S&P 500 e-minis gained 6.50 points, or 0.12%, and Nasdaq 100 e-minis were up by 36.25 points, or 0.2%.
Among individual stocks, JPMorgan Chase climbed 1.1% after raising its 2024 interest income forecast, while Johnson Controls International surged 6% following reports of activist investor Elliott Investment Management’s stake in the company. Paramount Global also saw a 2% increase after reports of potential interest from Sony Pictures Entertainment and Apollo Global Management.
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