US stock futures were slightly higher early Tuesday morning after a strong session led by tech stocks and reopening games.
Dow futures only rose 56 points. S&P 500 futures and Nasdaq 100 futures both traded in slightly positive territory.
Key averages rose on Monday, led by tech stocks and companies benefiting from a strong reopening of the pandemic as Covid cases fell to their lowest level since June. The Dow Jones Industrial Average rose 186 points, supported by gains at Microsoft, Salesforce and Cisco.
The S&P 500 rose 1%. The Nasdaq Composite was the relative outperformer, up 1.4% as Facebook, Amazon, Apple, Netflix, and Google’s parent Alphabet saw gains.
The Russell 2000 small-cap benchmark rose 0.5%.
Monday “was driven by relief from fears of inflation,” Jim Paulsen, chief investment strategist at Leuthold Group, told CNBC. “Signs that inflation fears in bond and commodity markets were easing drove the stock market late last week and have continued to this day.”
“Growth stocks, including technology, have regained leadership as fears of returns and inflation ease,” added Paulsen.
Bitcoin’s latest router also stabilized on Monday. The cryptocurrency fell below $ 32,000 on Sunday to rebound 17% to over $ 39,000 on Monday, according to Coin Metrics.
AutoZone, Nordstrom, Toll Brothers, Agilent, Intuit and Urban Outfitters report quarterly results on Tuesday.
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