Stock Futures Mixed as S&P 500 and Dow Look to Extend Record Highs

Stock futures are pointing to a mixed open on Monday as the U.S. equities market looks to extend a rally that has taken major indexes to record highs. 

Futures tied to the Dow Jones Industrial Average were down 0.2%, while those linked to the S&P 500 and the Nasdaq 100 gained 0.2% and 0.3%, respectively. The S&P 500 and Dow hit record highs on Friday, as investors reacted to strong earnings reports from large banks and an encouraging report on inflation.

It’s a federal holiday in the U.S. on Monday, which means that government offices, banks and the bond market will be closed. The stock market is open and functioning normally today, though there’s nothing of note on the earnings or economic data release calendars.

Large-cap technology stocks were up across the board in premarket trading. AI investor favorite Nvidia (NVDA), Microsoft (MSFT), Apple (AAPL), Amazon (AMZN), Meta Platforms (META) and Alphabet (GOOGL) were all gaining ground.

Shares in Boeing (BA) were down about 2% after the airplane maker announced a slew of cost-cutting measures over the weekend, including cutting about 10% of its workforce, or 17,000 jobs, and postponing the launch of its first 777x jetliner. Boeing also said it expects to take a total of $5 billion in pre-tax earnings charges at its commercial airplanes and defense divisions in the third quarter.

Crypto-tied stocks were gaining ground as bitcoin (BTCUSD) jumped to near $65,000 for the first time this month. MicroStrategy (MSTR), a software company with sizable bitcoin holdings, was up more than 5%, while cryptocurrency exchange Coinbase (COIN) was up 3% and bitcoin miner Marathon Digital Holdings (MARA) added 5%.

Crude oil futures, which have been volatile in recent weeks amid concerns that an escalation of conflict in the Middle East could disrupt global oil supplies, were down 2%. Gold futures were little changed at around $2,670 an ounce.

Futures Point to Mixed Open for Major Indexes

47 minutes ago

Futures tied to the Dow Jones Industrial Average were down 0.2%.

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S&P 500 futures were up 0.2%.

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Nasdaq 100 futures were up 0.3%.

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