Stock futures soared in overnight trading Monday after the major averages outstripped their third straight week of losses.
Futures tied to the Dow Jones Industrial Average gained 120 points or 0.38%. Nasdaq 100 futures added 0.17% and S&P 500 futures surged 0.25%.
CVS Health said Monday it’s buying Signify Health for roughly $8 billion, while Volkswagen shared its plan to float Porsche for an initial public offering.
On Friday, the major averages closed out their third negative week in a row. The Nasdaq Composite posted its first six-day losing streak since 2019, ending the session 1.3% lower, while the Dow Industrial Average deleted a 370-point gain on Friday to close about 1.1% lower. The S&P 500 declined 1.1% to its lowest close since July.
In the holiday-shortened week, investors anticipating speeches from Federal Reserve presidents and a fresh rate hike from the European Central bank due out later this week. August PMI services and ISM services data are slated for Tuesday.
“This is the week where everyone’s back,” said Ed Moya, senior market analyst at Oanda. “Everyone’s back to school, back to trading, a lot of people are back into the office. There’s still a lot of pessimism here that we could continue to see inflation rear its ugly head and that should warrant more aggressive rate hikes by the Fed.”
