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On the morning of October 8, 2024, the New York Stock Exchange in New York City is bustling with activity as traders get to work on the trading floor. The atmosphere is alive with anticipation as Monday night’s Dow Jones Industrial Average futures are showing little movement after the record-breaking close of the blue-chip index.
The 30-stock average-linked futures are up by 55 points, representing a modest gain of 0.1%. Similar trends are observed in the futures for the S&P 500 and the Nasdaq 100 which are also hovering around the flatline.
These movements in the futures market come on the heels of an exceptional day on Wall Street where both the Dow and the S&P 500 achieved all-time highs and closed at record levels. Of particular note is the Dow closing above the 43,000 mark for the first time, driven by a gain of over 200 points.
Tech stocks played a significant role in propelling the S&P 500 to a nearly 1.4% gain during the session. Nvidia, a leader in artificial intelligence technology, saw a 2.4% increase which contributed to its record closing high, boosting investor sentiment.
Scott Chronert, U.S. equities strategist at Citi, expressed his views on the current market conditions, stating that the S&P 500 may be slightly overvalued, if not fairly valued. He noted this on CNBC’s “Closing Bell” and highlighted that as long as there is positive news supporting the market, the upward momentum may continue.
The upcoming day, Tuesday, is expected to be dominated by corporate earnings reports from financial giants such as Goldman Sachs, Citigroup, and Bank of America. Other notable companies scheduled to report earnings include Johnson & Johnson, United Airlines, and Walgreens Boots Alliance.
Investors will also be closely monitoring economic data related to manufacturing and consumer expectations throughout the day. Additionally, speeches are anticipated from key figures in the Federal Reserve including Fed Governor Adriana Kugler, Atlanta Fed President Raphael Bostic, and San Francisco Federal Reserve President Mary Daly.
Overall, the financial markets are in a state of optimism following the recent record-setting performances. Traders are cautiously optimistic about the future trajectory of the market as they digest the latest economic data and corporate earnings reports. While there may be concerns about overvaluation in certain sectors, the overall sentiment remains positive as investors look forward to another day of trading on the iconic floor of the New York Stock Exchange.
