US stock futures held near record-high levels Monday ahead of a holiday-shortened trading week as Wall Street wondered if the bull rally that has roared through 2024 has more room to run.
The tech-heavy Nasdaq Composite (^IXIC) hovered around the flatline after the index notched a “perfect” week in Friday’s session with its fifth straight record close. The S&P 500 (^GSPC) dipped 0.1%, while the Dow Jones Industrial Average (^DJI) lost about 0.4%.
Stocks have continued ripping higher as a tech-fueled rally has led Wall Street to revise its year-ahead targets for the S&P 500. Evercore ISI boosted its year-end price target to 6,000, while Goldman Sachs upped its target to 5,600. The benchmark index topped the 5,400 level for the first time last week.
With last week’s double dose of inflation reports and the Federal Reserve meeting behind markets, fewer catalysts are set to greet investors this week. The highlight will be Wednesday’s retail sales report, which provides a glimpse into the health of the US consumer.
Fed policymakers will likely pick up their chatter after last week’s decision. Minneapolis Fed president Neel Kashkari on Sunday hinted that a December rate cut could be the Fed’s only move this year. Investors are pricing in around a two-thirds chance that the central bank begins its cuts by September, according to the CME FedWatch tool. The New York Fed’s John Williams and the Philadelphia Fed’s Patrick Harker are slated for appearances on Monday.
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