Stock futures rise after record-setting week for the Dow: Live updates

Stock futures rose on Sunday night following a strong week on Wall Street that drove the Dow Jones Industrial Average to record highs.

Futures tied to the 30-stock benchmark ticked higher by 12 points. S&P 500 futures gained 0.4%. Nasdaq-100 futures advanced 1.3%.

The Dow climbed nearly 2% last week, putting it within striking distance of 53,000, a level it has never reached. The S&P 500 and Nasdaq Composite also posted sharp gains last week, advancing 1.8% and 2.1%, respectively.

Those gains came even as semiconductors — the force behind many of the market’s gains this year — faltered last week, with investors paring exposure to chipmakers and rotating into other sectors. The VanEck Semiconductor ETF (SMH) shed 3.2%, marking its second losing week in a row.

“The broadening in sector rotation is a big positive, with Financials, Healthcare, and Industrials all closing at new weekly all-time highs this week and more than offsetting the consolidation in Semis,” wrote Mark Newton, head of Technical Strategy at Fundstrat. “While the Semi decline is a short-term headwind that favors owning other sectors while it settles, it has not dented the broader indices.”

Newton expects the S&P 500 to reach 8,000 by mid-August. The benchmark closed last week at 7,483.24, about 7% below the 8,000 mark.

Traders this week will turn their eyes to the Federal Reserve, with the minutes of the June meeting — the first led by new Chairman Kevin Warsh — due Wednesday.