Dow Jones Today: Stock Futures Rise as Market Looks to Add to Record Highs; S&P 500 on Track for 2nd Straight Month of Big Gains
Stock futures rose Monday morning, putting major indexes on track to add to the record highs set at the end of last week, as investors kept close tabs on developments related to trade talks and budget bill deliberations in Congress.
Futures tied to the S&P were up 0.5% recently, while those linked to the Dow Jones Industrial Average and the Nasdaq each added 0.6%. Stocks are coming off a winning week that boosted the benchmark S&P 500 on Friday to its first record high since February, while the tech-heavy Nasdaq Composite hit a new high for the first time since December.
Market sentiment has been boosted recently by a calmer geopolitical environment following a cease-fire between Israel and Iran, hopes that the U.S. will reach trade agreements that result in lower tariffs, and optimism that the Federal Reserve could cut interest rates in the coming months. The major indexes are poised to post big gains in June for the second consecutive month.
Investors welcomed news this morning that Canada had rescinded its digital services tax in an effort to restart trade negotiations with the U.S. Meanwhile, market participants are monitoring news from the Senate, which is expected to continue voting today on President Donald Trump’s “One Big Beautiful Bill.”
Shares of the world’s largest technology companies, which have helped pace the recent rally, were mostly higher in premarket trading Monday. Alphabet (GOOG), Meta Platforms (META) and Broadcom (AVGO) were each up about 2%, while Nvidia (NVDA), Microsoft (MSFT), Apple (AAPL) and Amazon (AMZN) also gained ground. Tesla (TSLA) shares were down slightly.
Among other noteworthy tech sector movers, chip companies Advanced Micro Devices (AMD), Intel (INTC) and Marvell Technology (MRVL) were each up about 1%. Shares of AI analytics software maker Palantir (PLTR) jumped 5% ahead of the bell, rebounding from a 9% decline on Friday.
The yield on the 10-year Treasury note, which affects borrowing costs on a wide range of consumer and business loans, were at 4.26% this morning, down from 4.28% at Friday’s close and near its lowest level since early May. The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, fell 0.2% to 97.19, after hitting a new three-year low this morning.
Bitcoin was trading at $108,000 recently, up slightly from its late-Friday levels but down from an overnight high of around $109,000.
West Texas Intermediate futures, the U.S. crude oil benchmark, slipped 0.4% to $65.25 per barrel. WTI had surged to more than $77 early last week amid concerns that the supply of oil could be disrupted by fighting in the Middle East, but fell sharply once those fears eased.
Gold futures were little changed at $3,290 an ounce. The precious metal had risen above $3,400 at the start of last week amid geopolitical uncertainty.