U.S. stocks could continue to push higher as traders factor in a boost from Nvidia Corp.’s (NASDAQ:NVDA) quarterly results. The index futures were modestly higher in early trading. The durable goods orders report that is scheduled to be released ahead of the market could be sifted by traders to confirm their hopes for a soft landing. They might also look forward to a speech by a Fed official later in the day.
A key inflation measure that the Federal Reserve considers to be important is imminent, and traders may choose to remain cautious ahead of the data. Despite Nvidia’s strong gains, the FOMO fear could drive traders toward the stock as they seek to partake in the potential post-earnings gain.
Futures
Performance (+/-)
Nasdaq 100
+0.21%
S&P 500
+0.16%
Dow
+0.04%
R2K
+0.61%
In premarket trading on Monday, the SPDR S&P 500 ETF Trust (NYSE:SPY) climbed 0.20% to $563.25, and the Invesco QQQ ETF (NASDAQ:QQQ) gained 0.25% to $481.21, according to Benzinga Pro data.
Cues From Last Week:
Wall Street extended its winning run to two straight weeks, as weak economic data and dovish Fed comments that nearly cemented the fate of a September rate cut brought buyers into the market. That said, the market witnessed intermittent volatility, primarily a result of profit-taking following the recent strong gains.
Fed Chair Jerome Powell dispelled doubts that lingered among some quarters by stating at his Jackson Hole address that the central bank may be ready for rate cuts.
The S&P 500 and the Dow Industrials ended at their highest levels since mid-July and traded just shy of their all-time highs. Small-caps outperformed last week, with the Russell 2,000 Index posting a weekly gain of 3.59% and ending at its highest level in about three weeks.
Index
Week’sPerformance (+/)
Value
Nasdaq Composite
+1.40%
17,877.79
S&P 500 Index
+1.45%
5,634.61
Dow Industrials
+1.27%
41,175.08
Russell 2000
+3.59%
2,218.70
Insights From ...
