Traders on the New York Stock Exchange
Source: NYSE
U.S. stock futures moved higher in early morning trading on Monday as investors prepared for the first trading day of May.
Dow futures rose 173 points. S&P 500 futures and Nasdaq 100 futures also both traded in positive territory.
Monday marks the first trading day of May. Despite Friday’s weakness in equities, the S&P 500 notched its third straight month of gains in April, adding more than 5% to the index as investors bet on a big economic and profit recovery from the pandemic.
The S&P 500 is now up 11% for the year. The benchmark closed at record levels on Thursday on the heels of blowout earnings results from Apple and Facebook.
The Dow rose about 2.7% last month, while the Nasdaq Composite gained 5.4% in April.
“Investors are gearing up for another busy earnings week capped off with a widely watched jobs report. Given the positive economic and earnings news, the path of least resistance appears higher,” Jack Ablin, chief investment officer at Cresset Capital told CNBC.
Investors will also be monitoring the next batch of corporate earnings. Lowe’s, Estee Lauder and ON Semiconductor report before the bell on Monday.
Manufacturing PMI data for April will be released at 9:45 a.m. ET on Monday, followed by ISM manufacturing at 10 a.m.
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