Stock futures rise as Wall Street readies for the second half: Live updates

Traders
work
on
the
floor
at
the
New
York
Stock
Exchange.

Brendan
Mcdermid
|
Reuters

Stock
futures
rose
in
overnight
trading
Sunday
as
Wall
Street
looked
ahead
to
the
second
half
of
2024.

Futures
tied
to
the

Dow
Jones
Industrial
Average
added
55
points,
or
0.1%,
while

S&P
500
futures
gained
0.2%.

Nasdaq-100
futures
also
edged
up
0.2%.

Wall
Street
is
coming
off
a
losing
session
for
the
major
averages,
of
a
strong
finish
to
the
first
half
of
the
trading
year.
Continued
excitement
surrounding
artificial
intelligence
and
stocks
such
as
Nvidia
led
the

S&P
500
to
a
14.5%
gain,
while
the

Nasdaq
Composite
rallied
18.1%.
The

Dow
Jones
Industrial
Average
underperformed
due
to
a
pullback
in
the
second
quarter,
adding
3.8%.

For
the
quarter,
the
S&P
and
Nasdaq
added
3.9%
and
8.3%,
respectively,
while
the
Dow
lost
1.7%.
The
Nasdaq
notched
its
third
positive
quarter
in
a
row
for
the
first
time
since
a
five-quarter
streak
ending
in
2021.

Some
expect
this
technology-driven
momentum
to
persist
at
least
through
the
summer,
despite
some
fears
that
multiples
have
hit
heightened
levels.

“We
don’t
see
a
lot
of
evidence
of
tech
slowing,
King
Lip,
chief
strategist
at
BakerAvenue
Wealth
Management,
told
CNBC’s
“Closing
Bell”
on
Friday.
“If
anything,
you
could
argue
that
it’s
accelerating.”

He
expects
the
sector
to
hit
some
resistance
during
a
period
of
seasonal
weakness
and
profit-taking
in
September
and
October,
and
around
the
election,
but
views
valuations
as
warranted.

“The
reality
is
that
these
companies
have
been
so
well
managed
through
thick
and
thin,
that
during
times
like
this
when
the
economy
is
growing,
they’re
able
to
grow
their
earnings
quite
significantly,”
he
said.
“These
companies
have
have
delivered.”

Monday
kicks
off
a
holiday-shortened
trading
week,
with
the
market
closed
Thursday
for
Fourth
of
July.
Investors
will
get
a
big
clue
into
the
state
of
the
labor
market
Friday
with
the
June
jobs
report.