Traders work on the floor of the New York Stock Exchange (NYSE), June 29, 2023.
Brendan McDermid | Reuters
US stock futures were little changed on Sunday night as traders prepared to kick off the second half of what has already been a strong year on Wall Street.
futures tied to Dow Jones Industrial Average dropped 22 points. S&P 500 and Nasdaq-100 futures are trading flat.
Stocks are coming out of a banner start a year On Friday, the Nasdaq Composite closed its biggest gain in the first half since 1983, with an increase of 31.7%, while the S&P 500 jumped 15.9% in its best first half since 2019. The Dow Jones Industrial Average lagging behind, rising a modest 3.8% over the period.
Those gains come as excitement around artificial intelligence boosted technology stocks. Data showing a resilient US economy despite higher rates also boosted investor confidence, allaying some fears on Wall Street of an impending recession.
“The technical rally continues, with the market now 24% above the October low,” said Mark Hackett, Nationwide’s head of investment research. “The tailwinds from a technical perspective may be winding down as universal pessimism fades, but there are growing signs that a move from technicals to fundamentals is possible, with encouraging macroeconomic and earnings data.”
Tesla shares were little changed in overnight trading after the electric vehicle maker reported delivery and production. numbers which exceeded analysts’ expectations. Elsewhere, United Shares were slightly lower as bad weather contributed to a series of disruptions to the airline’s flights over the long holiday weekend.
Stocks begin a shorter trading week on Monday, with the market closing at 1 pm ET for the Independence Day holiday. Investors will closely study the latest June manufacturing PMI data ahead of Friday’s main jobs report.