U.S. Stock Futures Tick Higher After Dow Closes Above 40,000 For The First Time

U.S. stock futures ticked higher on Sunday night, after the Dow Jones Industrial Average closed above the key 40,000 level for the first time ever on Friday.

The Dow first hit the 40,000 level during Thursday’s trading session, but cinched its first close over the threshold a day later when it added 134.21 points, or 0.3%, to end Friday at 40,003.59. The Dow moved up The Dow Jones Industrial Average is up 5.79% at Sunday’s close. The S&P 500 inched up 5.31%, while the Nasdaq Composite is up 6.57%.

This market rally should continue at least in the short term, according to Tom Lee, head of research at Fundstrat Global Advisors.

“As we stated earlier this month, we expected markets to shift from ‘fear of May’ to buy in May; and as each week has passed, this has been the case. Looking into next week, we expect this to continue,” he wrote in an email.

Artificial intelligence names are due to steal the spotlight this upcoming week, with Lee highlighting several potential catalysts, including the Microsoft Build event from Tuesday to Thursday and Nvidia’s fiscal first-quarter results, due Wednesday afternoon.

“Overall, we expect these events/earnings to reinforce the improving visibility and capabilities of AI and the related spending. And as a consequence, will be an overall positive for Technology stocks and the broader market,” the analyst added.

will post their results in the upcoming days. The minutes from the Federal Reserve’s April 30 to May 1 meeting are due on Wednesday. Investors will also watch out for the latest readings on several pieces of economic data including existing home sales, jobless claims and durable goods orders.

Dow futures edged less than 0.1% higher shortly after 6 p.m. ET, while S&P 500 futures and Nasdaq 100 futureswere also fractionally up. – CNBC

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