Nasdaq, S&P 500 Futures Rise After Major Tech Indices Hit New Highs — Technical Strategist Says Market Likely To See ‘Pretty Good Lift’ This Week

U.S. stock futures suggest a strong start to the new week, even as traders look ahead to a slew of key Main Street data that will likely have a bearing on the September Federal Reserve rate decision.

The market may also watch the geopolitical developments around tariffs and a few earnings news reports scheduled for the day.

As of 2:10 a.m. ET on Monday, the Dow futures rose about 0.25%, and the Nasdaq 100, and the S&P 500 futures were up over 0.15% each, while the Russell 2000 futures advanced more than 0.40%.

The market bounced back in the week ended Aug. 8 amid strengthening rate-cut hopes and optimism over Apple’s (APPL) $100 billion new U.S. manufacturing investment. 

The tech-heavy Nasdaq Composite and the narrower Nasdaq 100 Index, comprising 100 non-financial top tech stocks, hit new highs on an intraday and closing basis.

For the week ended Aug. 8, the Invesco QQQ Trust (QQQ), an exchange-traded fund (ETF) that tracks the Nasdaq 100 Index, climbed 3.7% and the SPDR S&P 500 ETF (SPY) jumped 2.5%. The SPDR Dow Jones Industrial Average ETF Trust (DIA) rose a more modest 1.4%, and the iShares Russell 2000 ETF (IWM) added 2.5%.

In the unfolding week, the spotlight is likely to be on the twin inflation reports due on Tuesday and Thursday, the weekly jobless claims data, the July retail sales report (Friday), the University of Michigan’s preliminary consumer sentiment index for August (Friday) and speeches by Fed officials.

No significant economic catalyst is scheduled for Monday.

On the earnings front, Owens & Minor (OMI), Rumble (RUM), AMC Entertainment (AMC), BigBear.ai (BBAI), Forward Air (FWRD), and Oklo (OKLO) are among the key companies reporting their quarterly results on Monday.

Allaying fears concerning a near-term correction, Fund Strat Chief Technical Strategist Mark Newton said on the firm’s YouTube channel on Friday that the market will likely push to new highs, adding that “we could have a pretty good lift over the next week.”

A potential rally over the next week or two could take the S&P 500 to a wall, where it could see minor weakness, Newton said.

Crude oil futures slipped, the gold price fell, and the 10-year U.S. Treasury note traded nearly flat.

The U.S. dollar was lower across the board, while most major Asian markets advanced on Monday. 

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