Stock futures rose Monday evening after the Nasdaq posted its best daily performance since July.
Futures linked to the Dow Jones Industrial Average gained 174 points, or 0.58%. S&P 500 futures jumped 0.69% and Nasdaq 100 futures rose 0.75%.
These moves came a day after the victory on Wall Street. The Dow Jones Industrial Average rose nearly 550 points, after a volatile week of trading. The S&P 500 is also up 2.65% on the day. The Nasdaq rose 3.43% as technology shares rebounded, led by names such as Amazon, Meta Platforms and Microsoft. It was the best day for the tech heavyweight since July 27.
Strong earnings reports sent stocks higher. Bank of America stock rose 6.06% after delivering better-than-expected results, and Bank of New York Mellon gained 5.08% after its own earnings outperformed.
In addition, another pivotal support from the UK markets. Jeremy Hunt, Britain’s new chancellor, announced on Monday that he would Reversal of nearly all declared tax cuts and backtracking on energy subsidies.
Investors are watching for any sign that the stock market has bottomed and the new high could be the start of a new bullish cycle. But analysts aren’t entirely sure the bottom is there, and many see more pain ahead.
“I think this is going to be one of those bear market spikes that gets people scratching their heads,” Jay Adami, director of advocacy for advisors at Private Advisor Group in Morristown, New Jersey, said on CNBC’s “Fast Money,” adding that markets aren’t even close to the woods when It’s about the bear market.
More big bank profits on deck. Goldman Sachs will announce its quarterly results on Tuesday morning. Johnson & Johnson, Netflix and United Airlines will also announce results on that day. Later in the week, Tesla, IBM and American Airlines report.