S&P 500 futures rose 0.5% Sunday evening as traders looked ahead to a heavy week of earnings and Friday's July jobs report. The move follows a record-territory close on Friday, though Verdence Capital Advisors' Megan Horneman said big tech's earnings offered no clear catalyst for further gains and more risks lie ahead.
S&P 500 futures rose 0.5% Sunday evening, while Dow futures added 200 points, or 0.4%, and Nasdaq-100 futures gained 0.8%, as traders positioned for a heavy week of earnings and Friday's July jobs report.
The gains follow Friday's session, when the Dow climbed 276.97 points, or about 0.53%, to close at 52,485.03. The S&P 500 added 0.7% to finish at 7,489.72. The Nasdaq Composite surged 1% to 25,373.85, leaving the three major indexes near record highs.
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Investors Question AI Spending Payoff
Big Tech companies largely delivered on earnings, but investors are becoming less willing to overlook mounting AI-related spending without clearer evidence of earnings growth, according to Megan Horneman, chief investment officer at Verdence Capital Advisors.
Horneman told CNBC's "Fast Money" on Friday that with big tech's earnings out of the way, she saw no clear catalyst to push stocks higher. According to Horneman: "We just don't see it", and she added that more risks lie ahead heading into August and the second half of the year.
Earnings and Jobs Data Due This Week
Earnings this week include McDonald's, Kraft Heinz, Costco Wholesale and Walt Disney, along with results from Palantir and Advanced Micro Devices.
The July jobs report caps the week Friday, with FactSet consensus estimates pointing to 87,500 nonfarm payrolls added, up from 57,000 in June, and the unemployment rate edging up to 4.3% from 4.2%.
Source: CNBC
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