Stock futures rose on Monday night after the Nasdaq Composite posted its best daily performance since July.
Futures tied to the Dow Jones industrial average gained 1[ads1]74 points or 0.58%. S&P 500 futures rose 0.69% and Nasdaq 100 futures rose 0.75%.
The moves came after a winning day on Wall Street. The Dow Jones industrial average rose about 550 points, after a volatile last week of trading. The S&P 500 also rose 2.65% for the day. The Nasdaq rose 3.43% as technology stocks advanced, led by names such as Amazon, Meta Platforms and Microsoft. It was the best day for the tech-heavy index since July 27.
Solid earnings reports sent shares higher. Bank of America rose 6.06% after delivering better-than-expected results, and Bank of New York Mellon rose 5.08% after its own earnings.
In addition, another pivot from the UK has strengthened the markets. Jeremy Hunt, the new British Chancellor of the Exchequer, announced on Monday that he would reverse almost all announced tax cuts and roll back an energy subsidy.
Investors are looking for signs that the stock market has bottomed and the new rally could be the start of a new bull cycle. However, analysts are not so sure that the bottom is in, and many see more pain ahead.
“I think this is going to be one of those bear market rallies that leaves people scratching their heads,” Guy Adami, director of advisory counsel at Private Advisor Group in Morristown, New Jersey, said on CNBC’s “Fast Money,” adding that markets are far from out of the woods when it comes to the bear market.
Several large bank revenues are on deck. On Tuesday morning, Goldman Sachs will report its quarterly results. Johnson & Johnson, Netflix and United Airlines will also announce results that day. Later in the week, Tesla, IBM and American Airlines report.