Trader on the New York Stock Exchange
US stock futures surged higher early Monday morning as investors prepared for the first day of trading in May.
Dow futures rose 173 points. S&P 500 futures and Nasdaq 100 futures also traded in positive territory.
Monday marks the first trading day in May. Despite Friday’s stock weakness, the S&P 500 made its third straight month of earnings in April, adding more than 5% to the index as investors looked to a strong post-pandemic economic rebound and earnings.
The S&P 500 rose 11% over the course of the year. The benchmark closed on Thursday after the results from Apple and Facebook at a record level.
The Dow was up 2.7% last month while the Nasdaq Composite was up 5.4% in April.
“Investors are preparing for another busy week of earnings that ends with a widely watched job report. Given the positive economic and earnings news, the path of least resistance seems higher,” said Jack Ablin, chief investment officer at Cresset Capital CNBC.
Investors will also monitor the next corporate earnings. Lowe’s, Estee Lauder and ON Semiconductor will be reporting on Monday before the bell.
April manufacturing PMI data is released on Monday at 9:45 a.m. ET, followed by ISM manufacturing at 10 a.m.
Did you like this article?
For exclusive stock selection, investment ideas and CNBC Global Livestream
Sign up for CNBC Pro
Start your free trial now