S&P 500 futures rise after last week’s setback

Traders on the floor of the NYSE, May 23, 2022.

Source: NYSE

S&P 500 futures rose on Monday night as Wall Street tried to build on last week’s momentum.

The Dow Jones Industrial Average futures scored 36 points, or 0.1%. The S&P 500 and Nasdaq 100 futures rose 0.3% and 0.8%, respectively. The US stock market did not open on Monday due to the Memorial Day holiday.

These moves follow the best weekly increases for the Dow and S&P 500 since November 2020.

The Dow closed up 6.2% for the week, ending an eight-week losing streak. The S&P 500 rose 6.5%, and the Nasdaq rose 6.8% during the week, ending positively after seven consecutive weeks of losses. Solid earnings from retail trade, as well as an inflation report that showed that prices could fall, lifted investor sentiment.

Part of last week̵[ads1]7;s rise came on Friday, when the Dow index rose more than 550 points, and the S&P 500 jumped 2.5%. Nasdaq, meanwhile, rose 3.3%, strengthened by solid reports from technology companies, as well as a fall in the 10-year government interest rate.

Traders still continue to assess whether bounce marks a bottom as the stocks stay well away from the peaks. The Dow is 10.1% below the 52-week high, the S&P 500 is down 13.7% and the Nasdaq is down by approx. 25.2%.

“We may see some sharp setbacks in equities that will not represent a true turning point for the market,” Stratega’s investment strategist Ryan Grabinski said in a Friday report. “Building a bear market is a process and we can still refuse further.”

Traders will review more of their corporate quarterly earnings over a shortened vacation week. Salesforce, HP and Victoria’s Secret are expected to report earnings on Tuesday after the bell.

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