Market Overview

Dow futures jump more than 150 points to start the week, Nasdaq futures gain

Dow futures jump more than 150 points to start the week, Nasdaq futures gain

U.S. stock index futures traded higher early Monday after the S&P 500 posted its second negative week in a row the previous week. Futures contracts tied to the Dow Jones Industrial Average implied an opening gain of about 151 points. S&P 500 futures rose 0.5%. Nasdaq-100 futures were up the most, gaining 0.7%.

Shares of Tesla, a big holder of the crypto, gained 0.5% in premarket trading despite the bitcoin volatility. Coinbase added 2% in premarket trading as bitcoin stabilized Monday and as Goldman started the crypto-exchange with a buy rating. Stocks benefiting from the economic reopening gained in premarket trading as well. Share of Gap, Carnival and United Airlines were higher.

Stocks have stalled lately. The previous week saw the Dow post its fourth negative week in five, but the losses were minor. The Dow dipped just 0.5% on the week, while the S&P lost just 0.4%. The Nasdaq Composite, meanwhile, gained 0.31% last week, snapping a four-week losing streak.

Despite last week’s “collapse in crypto markets and rather hawkish FOMC minutes, another equity dip was bought by investors,” JPMorgan wrote in a note to clients. “This ‘buy the dip’ mentality has been remarkably strong this year and has provided a support preventing any small correction in equities and risk markets from becoming more extended,” the firm added.

The Federal Reserve hinted at its April meeting that easy monetary policies could be reconsidered if the economy continues to show signs of rapid improvement, according to minutes from the meeting released last week.

Dow futures jump more than 150 points to start the week, Nasdaq futures gain, CNBC, May 24

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