Hope of Rate Cut Spurs Futures Rally
May 06,2024 07:49 am EST
U.S. stock futures rose Monday, with Wall Street looking to build on the previous session's strong gains, after new jobs data revived hopes of the Federal Reserve cutting interest rates.
Futures for the Dow Jones Industrials leaped 118 points, or 0.3%, to 38,950.
Futures for the S&P 500 took on 17.25 points, or 0.3%, to 5,172.
Futures for the NASDAQ Composite progressed 44.75 points, or 0.3%, to 18,045.56.
While the peak of the first-quarter earnings season has passed, investors are still watching key companies set to report this week, including Dow member Disney on Tuesday and Uber on Wednesday.
On Saturday, Warren Buffett's Berkshire Hathaway reported a nearly 40% surge in year-over-year operating earnings for the first quarter. Berkshire also held its annual shareholder meeting.
In Japan, markets remained shuttered by holiday, while in Hong Kong, the Hang Seng Index jumped 0.6%.
Oil prices hiked 81 cents to $78.92 U.S. a barrel.
Gold prices moved higher $20.80 to $2,329.40 U.S. an ounce.
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