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Stock futures tick higher after Dow closes above 40,000 for the first time: Live updates – CNBC

Traders work on the floor of the New York Stock Exchange during morning trading on May 17, 2024 in New York City.

Angela Weiss | AFP | Getty Images

U.S. stock futures rose Sunday night after the Dow Jones Industrial Average closed above the crucial $40,000 level for the first time in history on Friday.

The rate of increase in futures prices linked to the 30-stock index was less than 0.1%. S&P 500 futures and Nasdaq 100 futures also rose slightly.

The Dow reached the 40,000 level for the first time during Thursday’s trading, the next day adding 134.21 points, or 0.3%, to close Friday at 40,003.59, its first close above the benchmark. On Friday, the S&P 500 rose 0.1%, while the Nasdaq Composite Index fell less than 0.1%.

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

“As I said earlier this month, I expected the market to move from ‘May fear’ to May buying, and as the week went on, that’s been the case. I expect this to continue next week,” he said. “I am doing so,” he said. I wrote in an email.

Artificial intelligence names will be in the spotlight this week, with Lee highlighting several potential catalysts: Microsoft Build Event Nvidia’s first-quarter financial results will be released Tuesday through Thursday and will be announced Wednesday afternoon.

“Overall, we expect these events and earnings to strengthen awareness and capabilities of AI and related spending, which should be overall positive for tech stocks and the broader market,” the analysts added.

Palo Alto Networks, AutoZone, Target, Analog Devices, Intuit, and Ralph Lauren are expected to announce results soon. The minutes of the U.S. Federal Reserve’s April 30-May 1 meeting are scheduled to be submitted on Wednesday. Investors will also be looking at the latest numbers for several economic indicators, including existing home sales, unemployment claims and durable goods orders.

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