U.S. stock futures saw a slight dip on Monday after a robust week for Wall Street. The S&P 500 Index (SPX) achieved its longest positive run in twenty years. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 were down 0.55%, 0.53%, and 0.56%, respectively, at 2:44 a.m. EST, May 5.
On Friday, the SPX climbed 1.5%, marking its ninth consecutive day of gains, the longest streak since November 2004. Also, the Nasdaq Composite (NDAQ) and the Dow Jones gained 1.5% and 1.4%, respectively.
The rally was fueled by stronger-than-expected April jobs data, easing recession fears, and optimism around U.S.-China trade talks. Also, rising hopes of potential trade agreements with key partners like India, Japan, and South Korea is bolstering market sentiment.
Looking ahead, the Federal Reserve’s upcoming policy meeting will be a key focus for investors this week. According to the CME Group’s FedWatch tool, Fed funds futures indicate only a 3.2% probability of an interest rate cut.
Also, Services Purchasing Managers Index (PMI) reports for April from S&P Global (SPGI) and the Institute for Supply Management (ISM) will be released today.
On the corporate front, AMD (AMD), Super Micro Computer (SMCI), Walt Disney (DIS), Uber (UBER), D-Wave Quantum (QBTS), IonQ (IONQ), Shopify (SHOP), and SoundHound (SOUN) will report earnings this week.
Moreover, On Semiconductor (ON), Ford (F), Palantir (PLTR), Hims & Hers Health (HIMS), and Realty Income (O) are slated to release reports today.
Meanwhile, the U.S. 10-year treasury yield was down, floating near 4.316%. Simultaneously, WTI crude oil futures are trending lower, hovering near $56.57 per barrel as of the last check.
At the same time, the Gold Spot US Dollar Price rose to $3,260 per ounce on Monday, supported by a weaker dollar, which made the metal more attractive to investors.
Elsewhere, European indices are expected to open muted today, as investors wait for clearer signals on global trade. Also, traders look ahead to the Bank of England’s interest rate decision on May 8, with markets expecting a 25-basis point cut, bringing rates down to 4.25%.
Investors should note that the Japanese, Hong Kong, and Chinese markets were closed today for public holidays.
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