Stock futures are flat after strong start to the trading week

Finance

U.S. stock futures were little changed in overnight trading on Monday following a strong session led by technology shares and reopening plays.

Dow futures rose just 30 points. S&P 500 futures gained 0.12% and Nasdaq 100 futures rose 0.1%.

The major averages rose on Monday, led by tech stocks and companies that benefit from a strong reopening from the pandemic as Covid cases drop to their lowest level since June  The Dow Jones Industrial Average rose 186 points, helped by gains in Microsoft, Salesforce and Cisco.

The S&P 500 climbed 1%. The Nasdaq Composite was the relative outperformer, jumping 1.4% as Facebook, Amazon, Apple, Netflix and Google-parent Alphabet posted gains.

The small-cap benchmark Russell 2000 climbed 0.5%.

Monday “was driven by inflation anxiety relief,” Jim Paulsen, chief investment strategist at the Leuthold Group, told CNBC. “Evidence that inflation fears were calming in the bond and commodity markets began to drive the stock market late last week and has continued into today.”

“Growth stocks including technology have regained leadership as yield and inflation fears ease,” Paulsen added.

Bitcoin’s recent rout also stabilized on Monday. The cryptocurrency dropped below $32,000 on Sunday, only to recover about 17% to above $39,000 on Monday, according to Coin Metrics.

AutoZone, Nordstrom, Toll Brothers, Agilent, Intuit and Urban Outfitters report quarterly earnings on Tuesday.

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