US stock futures remained stable in overnight trading on Monday after the Dow Jones Industrial Average and S&P 500 hit new record highs on the first day of trading in 2022.
Dow futures fell just 20 points. S&P 500 futures slipped 0.05% and Nasdaq 100 futures rose 0.05%.
The major averages rose on Monday, boosted by the technology sector. The Dow Jones Industrial Average added 246 points and closed on a record. The S&P 500 also rose, climbing 0.6% to an all-time high.
The Nasdaq Composite was the relative outperformer, up 1.2% as Meta Platforms, Amazon and Google parent Alphabet all closed in the green.
Tesla and Apple were bright spots of Monday's trading day. Tesla added 13.5% after exceeding shipping expectations for the fourth quarter and full year. Apple became the first company to reach a $ 3 trillion market cap after climbing 2.5% to a new record.
Games like airlines and cruise lines reopened on Monday too. A surge in bond yields pushed bank stocks higher.
"The optimism with regard to global economic growth and the earnings momentum that has been picking up again since mid-December continued to grow on the first day of the new year," said Jim Paulsen, Chief Investment Strategist of the Leuthold Group. "The stocks that are most tied to better economic growth did the best [Monday], but they were complemented by new-era sectors like technology and communications."
On Tuesday, the survey on job vacancies and labor turnover in November will be published at 10:00 a.m. The JOLTS report is being closely watched by the Federal Reserve and elsewhere for signs of tension in the labor market.
December manufacturing ISM-PMI will also be released Tuesday morning.
Monday's record moves come after markets completed a strong 2021 last week. The S&P 500 rose nearly 27% over the course of the year, and the Nasdaq Composite and Dow also posted strong gains.
"The well-known Santa Claus rally ends on Tuesday. The good news is that stocks look like they're going to be higher during those bullish 7 days," said Ryan Detrick of LPL Financial. "When those days are over we have to worry, so that's at least one less worry."
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