U.S. stock moved higher in overnight trading on Sunday as investors readied for the First Trading Day of May. Dow futures rose about 125 points. S&P 500 futures gained 0.45% and Nasdaq 100 futures rose 0.33%Monday marks the First Trading Day of May. Friday’s weakness in equities, the S&P 500 notched its third straight month of gains in April, adding more than 5% to the index as investors bet on a big economic and profit recovery from the pandemic.
The S&P 500 is now up 11% for the year. The benchmark closed at record levels on Thursday on the heels of blowout earnings results from Apple and Facebook. The Dow rose about 2.7% last month, while the Nasdaq Composite gained 5.4% in April.
Markets have mostly climbed in recent weeks as investors remain optimistic that the pandemic is slowly and steadily coming to a close, at least in the United States. The S&P 500 rose 5.2% in April, its best monthly gain since November 2020, when President Joe Biden was elected. In much of Asia and many other countries, caseloads have surged and vaccination levels remain low.