Stock futures went higher overnight after the significant averages achieved a big rally of the trading year.
Futures tied to the Dow Jones industrial average gained 37 points, or 0.11%, while S & P 500 and Nasdaq 10 futures added 0.16 and 0.25%, respectively.
The overnight moves followed Friday’s first significant market rally of 2023. The Dow Jones increased 700 points or 2.13%, while the S & P 500 and Nasdaq 100 composite added 2.28% after the December jobs report signaled that inflation might be easing.
Nonfarm payroll came in slightly higher than expectations, but wages increased slower than expected. Data showing a decrease in the services sector increased hopes that the central bank’s rate hikes are accomplishing their goals.
Friday’s payroll report and the news of layoffs across corporations say that the labor market is going easy, but the economy has a lot of work.
“We believe that the moderation in employment conditions will continue, as parts of today’s reports show, but we think there is still stickiness to labor demand in services, which will persist for a while,” said Rick Rieder.
All significant averages finished Friday’s session with weekly gains, with the Dow and S & P giving their best since Nov 30, while Nasdaq on Friday ended its best session since Dec 29.
Monday starts as a big week for economic data. The December consumer price index report is due on Thursday, followed by significant bank earnings on Friday. Nearer term, the new york fed survey of consumer expectations along with consumer credit data.
Where do the major averages stand:
At the new trading week, here is where all the major averages stand:</p<>
Dow Jones industrial Averages:
Up by 1.46%, it is now at 8.99% off its record high, 84.65% above its pandemic low.
S & P 500:
Up by 1.45% for Jan and 2023. 19.17% high off its record, sits 77.71% above its pandemic low.
Stock futures open slightly higher:
Stock futures opened slightly higher to start the new trading week. Futures tied to Dow Jones industrial areas gained 49 points, or 0.15, while S & P 500 and Nasdaq 100 futures added 0.17 and 0.29%, respectively.
- Published By Team Australia News