Week is starting on a firm note as traders look to add to Friday's surge, when jobs and services data raised hopes the Fed can soon stop raising interest rates
U.S. stock futures were firmer on Monday, as investors looked to extend a strong rally at the end of last week.
How are stock-index futures trading On Friday, the Dow Jones Industrial Average DJIA jumped 701 points, or 2.13%, to 33631, the S&P 500 SPX increased 87 points, or 2.28%, to 3895, and the Nasdaq Composite COMP gained 264 points, or 2.56%, to 10569. Indeed, an ISM survey of service sector activity illustrated how the Fed’s rate rises — 4.25 percentage points of hikes since March — already seem to be negatively impacting the economy.
“That was a big catalyst for risk assets, with the S&P 500 surging +2.28% on Friday, which brought the index back into positive territory for the week at +1.45%. It also led to a massive decline in Treasury yields, with the 10yr down -31.7bps over the week to 3.558%.”
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