Futures contracts inched higher in the overnight session on Sunday evening, implying that when daily trading resumes in New York, the major U.S. stock indices will trade at or near all-time highs. Dow futures rose 98 points, while S&P 500 futures rose 0.25 percent. Futures on the Nasdaq 100 index were up 0.23 percent.
Last week’s trading ended on a positive note, with both the Dow Jones Industrial Average and the S&P 500 reaching new all-time highs on Friday. The Dow gained 2.7 percent last week, while the S&P 500 gained 1.2 percent. Despite a 0.9 percent gain in the final session of the week, the Nasdaq Composite lost 1.5 percent in the same time frame.
Despite a weaker-than-expected April employment study, which showed that U.S. employers added 266,000 net payrolls last month, late-week optimism prevailed. Dow Jones interviewed economists, who predicted a million new jobs. Due to declining Covid-19 cases, Morgan Stanley’s chief U.S. equity strategist Mike Wilson noted that markets seem to have already priced in a vigorous economic reopening.
Over the weekend, a ransomware attack forced the shutdown of the country’s largest fuel pipeline. Colonial Pipeline, which has a 5,500-mile system, said it had to suspend fuel transport from the Gulf Coast to the New York metro area on Friday because it had to take some systems offline to deal with the hazard.