Stock futures are little changed as Wall Street looks to build on back-to-back gains

Zions shares fall after earnings

Shares of Zion’s Bancorp fell more than 2% despite the regional bank beating fourth-quarter earnings estimates. Zions reported $1[ads1].84 in earnings per share, above the $1.65 expected by analysts, according to StreetAccount. Net interest income also beats estimates.

However, non-interest income was lower than expected and deposits fell 13% year over year to $71.7 billion.

Shares of Zion rose 2.27% in regular trading on Monday before the earnings release.

-Jesse Pound

Stocks must have a notch at this key level to potentially be considered a rally, says Dawson

Stocks rose on Monday, but are not quite high enough to be considered a true market rally, according to Cameron Dawson of NewEdge Wealth.

“We have to get through the most critical level of 4100,” Dawson said on CNBC’s “Closing Bell: Overtime” on Monday. That’s because 4,100 is the S&P 500’s 65-day high.

The S&P 500 never hit the key moving level in 2022 because it was in a downtrend, Dawson said. If stocks break through this level, it could indicate that the rally has the potential to enter another bull market cycle.

Technicals and positioning can only take stocks so far, she added, before a fundamental shift is needed to really give stocks momentum.

“We need to see a change in fundamentals to really believe this rally will continue,” she said.

She warned that the upside for stocks is likely to remain limited until the Federal Reserve fully turns the corner and stimulates the U.S. economy again.

“It is unlikely that we can return to pre-pandemic multiples without help from the Fed,” she said.

If stocks are able to rally and break the 65-day high, that would also likely reduce the likelihood of the S&P 500 retesting its October lows, Dawson said.

—Carmen Reinicke

Stock futures open little changed

Futures opened little changed on Monday night after solid gains for stocks in regular trading hours. There were no big after-hours earnings reports that triggered big moves in the futures market.

—Jesse Pound

Nasdaq, chip stocks led the way on Monday

The shares had a broad rise on Monday. Here’s a look at some of the key figures from the trading session.

  • The Dow gained 254 points, or 0.76%, to close at 33,629.56.
  • The S&P 500 gained 47 points, or 1.19%, to close at 4,019.81.
  • The Nasdaq Composite gained 224 points, or 2.01%, to close at 11,364.41.
  • Nvidia had the biggest impact on the Nasdaq, adding 36 points.
  • The VanEck Semiconductor ETF (SMH) rose 4.72% for its best day since November 30.

— Jesse Pound, Christopher Hayes

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