Nasdaq Index, Dow Jones, S&P 500 News: Futures Mixed as Investors Eye Powell’s Testimony

US Stock Futures Mixed After Weeks-Long Rally

US stock futures are trading mixed on Monday morning, marking a departure from the recent weeks’ upward trend that propelled the market to new heights. The surge in stock prices, fueled by growing enthusiasm surrounding artificial intelligence, has been particularly evident in the technology sector.

At 13:24 GMT, Dow futures are trading 39010.00, down 132.00 or -0.34%. S&P 500 Index futures are at 5139.50, down 6.50 or -0.13% and Nasdaq-100 Index futures are trading 18345.50, up 7.25 or +0.04%.

Last week, the Nasdaq Composite achieved an all-time high, surpassing its 2021 record and becoming the final major stock index to achieve a record close this year.

Despite this, the S&P 500 and Nasdaq both secured their seventh weekly gains in eight weeks, while the Dow Jones Industrial Average concluded the week with marginal losses. Notably, all three major indexes have posted gains since the beginning of the year.

Market Assessment Amidst Earnings Season and Economic Data

With the conclusion of a better-than-expected earnings season and the release of a consumer price index report exceeding expectations, investors are now shifting their focus to macroeconomic indicators and the job market.

This week, attention will be directed towards Federal Reserve Chair Jerome Powell’s monetary policy updates to Congress, scheduled for Wednesday and Thursday. Additionally, the release of the ADP Employment Survey and January job openings data on Wednesday will provide further insights into the labor market. Manufacturing and nonfarm payrolls data for February are also slated for release on Friday.

Key Companies Making Headlines

Several companies are making waves in premarket trading:

• Super Micro Computer and Deckers Outdoor saw their shares surge by 12% and 5%, respectively, following their inclusion in the S&P 500 index later this month.
• Macy’s stock soared nearly 17% after receiving an increased buyout offer from Arkhouse Management.
• Apple’s shares dipped approximately 1% following a $1.95 billion fine from the European Commission for antitrust violations related to music streaming app distribution.
• Crypto-related stocks, including Coinbase, Microstrategy, Marathon Digital, Iris Energy, Riot Platforms, and CleanSpark, witnessed gains as bitcoin reached a two-year high.
• DoorDash shares rose by 2.8% after receiving an upgrade from RBC, citing potential for new partnerships.
• Lyft’s stock jumped 6% after being upgraded to outperform by RBC, which highlighted the company’s growth prospects and position within the ride-sharing market.
• Kyverna Therapeutics surged over 4% after receiving an overweight rating from Morgan Stanley.
• Ferrari’s shares fell 2% following a downgrade to sell by Citi due to valuation concerns.
• Li Auto’s U.S.-listed shares dropped nearly 7% despite last week’s gains, following disappointing February delivery figures.
• Dutch Bros saw its shares rise by 2.5% after receiving an overweight rating from Piper Sandler, citing positive developments including Mobile Order & Pay testing.

Short-Term Forecast: Bullish Sentiment Prevails

Given the recent market dynamics and the overall positive trend in US stock futures, a short-term bullish sentiment is anticipated. Despite the temporary downturn, the underlying factors driving the market, such as strong corporate earnings, favorable economic data, and ongoing advancements in technology, are likely to support a rebound in the near term. Investors may seize opportunities presented by the current dip to enter positions with the expectation of continued upward momentum in the market.

Technical Analysis

E-mini S&P 500 Index futures are inching lower on Monday in limited price action. A trade through 5149.25 will signal a resumption of the uptrend. Taking out 5060.00 will change the short-term trend to down.

There is no resistance with the index at all-time highs. The major support is the uptrending 50-day moving average at 4921.84.