Stock futures rose on Sunday evening as Wall Street tries to regain its footing after a sharp selloff in technology stocks.
Futures rose 0.3%. gained 0.4%, while those for added 97 points, or 0.3%.
Last week, the speed was 3.05% and 5.52%, and each is on a six-day losing streak. On Friday alone, the Nasdaq fell 2% and chip giant Nvidia fell 10%.
The index, which has less exposure to technology than the opposite two benchmark averages, was little modified throughout the week.
The fight for stocks comes after recent inflation readings dampened hopes that the Federal Reserve will cut rates of interest multiple times in 2024.
“The large weekly losses showed that investors are finally waking up to the reality of a long-promised ‘higher for longer’ interest rate scenario they have refused to believe,” Rick Bensignor of Bensignor Investment Strategies said in a note to clients on Sunday, referring to major index funds.
There will likely be some necessary economic updates this week – GDP will likely be released on Thursday and a key inflation reading will likely be released on Friday.
Corporate earnings is also necessary in the approaching days, with names similar to , , and all expected to be released in the approaching week.
