U.S. Stock Futures were not much changed on Sunday night as traders prepared for the second half of a year that has already been very successful.
Futures linked to the Dow Jones Industrial Average only rose 8 points. Futures for the S&P 500, Nasdaq 100 and Dow Jones Industrial Average were also marginally higher.
The Nasdaq Composite, which closed Friday with a 31.7% gain, was the biggest since 1983. Meanwhile, the S&P500 jumped 15.9%, its best half-year since 2019. The Dow only grew by a modest 3.8% over the period.
These gains are due to the enthusiasm surrounding artificial intelligence, which has boosted stocks in the tech sector. Investor sentiment was also boosted by data showing the resilience of the U.S. economic system despite rising rates.
Mark Hackett is Nationwide's head of investment research. He said that the technical rally continued, and the market was now 24 percent above its October low. The technical tailwinds may be ending as universal pessimism fades. However, there are signs that the market is moving from technicals to more fundamentals.
Tesla shares were barely changed overnight after the electric car maker reported production and delivery numbers that exceeded analysts' expectations. United shares also fell slightly as bad weather caused a number of flight cancellations over the long weekend.
The market closes at 1 pm on Monday to begin a shorter trading week. ET to celebrate Independence Day. Investors will be analyzing the latest ISM Manufacturing PMI and S&P Global Manufacturing PMI data for July ahead of Friday's employment report.