Steven Birdsall, chief revenue officer of Anaplan Inc., left, and Frank Calderoni, president and chief executive officer of Anaplan Inc., center, talk with a trader during the company’s IPO on the floor of the New York Stock Exchange in New York York on October 12, 2018.
Michael Nagle | Bloomberg | Getty Images
US stock futures were stable in overnight trading on Sunday after the S&P 500’s best week since 2020.
The Dow futures were up 15 points. S&P 500 futures were up 0.04% and Nasdaq 100 futures were flat.
Last week, the top three averages recorded their best week since November 2020, fueled largely by growth stocks. The S&P 500 rose 6.1% Monday through Friday. The Dow Jones Industrial Average ended the week higher by 5.5% and the tech-focused Nasdaq Composite peaked at 8.1%.
The S&P 500 made up for nearly half of its correction losses last week as investors received much-anticipated clarity from the Federal Reserve, which raised interest rates for the first time since 2018. The central bank indicated at its remaining six meetings this year that it expects to raise interest rates. †
“I think the Fed has paved the way for investors to focus on profits again,” said Julian Emanuel, head of equities, derivatives and quantitative strategy at Evercore ISI. “Basically…earnings estimates have risen since the beginning of the year.”
Market participants are also following the war between Russia and Ukraine. Ukrainian President Volodymyr Zelenskyy warned that if peace talks with Russian leader Vladimir Putin fail, it could signal the start of a third world war.
“If these efforts fail, it would mean this is World War III,” Zelenskyy said in an interview with CNN’s Fareed Zakaria that aired Sunday morning.
Ukrainian and Russian officials have met intermittently for peace talks, which have not resulted in major concessions.
Investors are also evaluating an increase in Covid cases in Europe due to an emerging variant.
The economic calendar is relatively light this week, but several companies are reporting gains. Nike and Tencent Music will announce quarterly results on Monday.
Patti Domm of CNBC contributed to this report.
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