Stock futures inched higher Monday morning as the market looks to add to last week’s solid gains, while investors await inflation data that’s due in the coming days.
Futures tied to the Dow Jones Industrial Average were up 0.3% recently, while those linked to the S&P 500 and the Nasdaq added 0.2% and 0.1%, respectively. The tech-heavy Nasdaq Composite has closed at record highs in each of the last two sessions, while the benchmark S&P 500 index finished Friday’s session fractionally below its first record high since July 28.
Stocks turned in their best weekly performance since June last week as concerns about tariffs and the health of the economy moderated, while expectations that the Federal Reserve will cut interest rates soon have increased. Investors will be paying close attention to economic data this week—in particular reports on consumer prices and wholesale inflation that are scheduled to be released tomorrow and Thursday, respectively—as they look for signs of how tariffs are feeding through the economy.
Chip stocks were in focus this morning following reports that Nvidia (NVDA) and Advanced Micro Devices (AMD) are expected to give the U.S. government a 15% share of revenues from certain chips sold in China in exchange for export licenses. AMD shares were down about 1.5% in premarket trading, while shares of Nvidia, the company with the largest market capitalization in the world, fell 0.5%.
Shares of beleaguered chipmaker Intel (INTC) were up nearly 3% following reports that CEO Lip-Bu Tan is set to visit the White House, days after President Donald Trump called for his resignation.
Mega-cap technology stocks were mostly higher this morning, led by a 1.5% gain for EV maker Tesla (TSLA). Amazon (AMZN), Meta Platforms (META), Broadcom (AVGO) ticked higher, while Apple (AAPL) and Alphabet (GOOG) fell slightly.
Shares of major bitcoin buyer Strategy (MSTR), cryptocurrency exchange Coinbase Global (COIN) and bitcoin miner MARA Holdings (MARA) each climbed about 3% as the price of bitcoin surged. The digital currency was trading at $120,100 recently, up from about $117,000 on Friday afternoon, after rising as high as $122,300 overnight. Bitcoin is closing in on its record high of just over $123,200, set in mid-July.
Gold futures were down 2.3% at $3,410 an ounce this morning, after hitting a record high late last week. The precious metal, which had been supported by hopes for an interest rate cut and reports that gold bars would be subject to tariffs, started losing ground on Friday when the White House indicated that bullion would not face import levies.
West Texas Intermediate futures, the U.S. crude oil benchmark, rose 0.6% to $64.25 per barrel, stabilizing after seven straight days of decline that had taken prices to their lowest levels since early June.
The yield on the 10-year Treasury, which affects borrowing costs on all sorts of loans, was at 4.26%, down from 4.28% at Friday’s close. The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, was up 0.3% at 98.46.