Stock futures rose Monday as investors assessed the impact of the assassination attempt on former President Trump and braced for a busy week of corporate earnings.
Dow Jones industrial average futures rose 210 points, or 0.5%. S&P 500 futures rose 0.4%, as did Nasdaq 100 futures.
Trump: what the market is analyzing
Traders were monitoring the latest developments in the attempted assassination of Republican presidential candidate Trump. While it may have created more political conflict in the country, Investors also speculated that it could lead to further poll gains for Trump. and Republicans before the November elections.
“The good news is that former President Trump was not injured except in his ear, he was not assassinated and as a result I think the market will continue in its dynamic.“said Sam Stovall, chief investment strategist at CFRA Research on CNBC’s “Worldwide Exchange.”
The Republican National Convention is set to begin Monday in Milwaukee, Wisconsin, with Trump leading President Joe Biden in national polls.
Shares of insurers Humana and UnitedHealth Group, which could benefit from lower cost pressures under a Republican administration, gained in premarket trading.
“Trump was already the clear front-runner, and the shooting will only cement that status,” Adam Crisafulli, founder of Vital Knowledge, said in a note Sunday.
Results in sight
Elsewhere, investors’ attention is shifting to second-quarter earnings reports, which could be the catalyst to extend the market’s rally to new records this year. More than 40 S&P 500 companies will report second-quarter earnings this week, including household names like Bank of America, United Airlines and Netflix.
Goldman Sachs shares rose on Monday after posting earnings that beat analysts’ expectations. It’s the latest in a series of reports from major banks marking the start of the new reporting season.
Investors will also be watching remarks from Federal Reserve Chairman Jerome Powell at the Economic Club of Washington, DC, at 12:30 p.m. ET.
The Dow of blue-chip stocks hit a new all-time high above 40,000 on Friday, pushing its 2024 gains to more than 6%. The S&P 500 is up nearly 18% in 2024 to a new record, driven by tech giants.
Source: Ambito
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