Traders work on the floor of the New York Stock Exchange during morning trading on May 17, 2024 in New York City.
Angela Weiss | AFP | Getty Images
US stock futures were little changed on Monday, yet Dow Jones Industrial Average It closed above the key 40,000 level for the first time last week.
Futures contracts are linked to a 30-stock index It rose 19 points, or less than 0.1%. S&P 500 futures And Nasdaq 100 futures They rose by 0.1% each.
The Dow first reached the 40,000 level during Thursday's trading session, but posted its first close above the threshold the next day when it added 134.21 points, or 0.3%, to close Friday at 40,003.59.
This market rally should continue at least in the short term, according to Tom Lee, head of research at Fundstrat Global Advisors.
“As we mentioned earlier this month, we expected markets to shift from fear of May to buy in May; and with each passing week, that has been the case. Looking ahead to next week, we expect this to continue.” he wrote in an email.
AI names are set to steal the spotlight this coming week, with Lee highlighting several potential catalysts, including Microsoft's Build event from Tuesday to Thursday and Nvidia's fiscal first-quarter results, due Wednesday afternoon.
“Overall, we expect these events/earnings to reinforce improved visibility, AI capabilities and related spending. As a result, they will be generally positive for technology stocks and the broader market,” the analyst added.
Palo Alto Networks, Automatic zone, Goal, Analog devices, Intuit And Ralph Lauren Its results will be published in the coming days. Minutes from the Federal Reserve's April 30-May 1 meeting are scheduled to be released on Wednesday. Investors will also be watching the latest readings on several pieces of economic data including existing home sales, unemployment claims and durable goods orders.
