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Stock futures were higher on Monday as trading got underway for 2025, with hopes that the market can regain the momentum that propelled the S&P 500 to log two-straight years of annual gains above 20%.
Futures for the Dow Jones Industrials hurtled higher 344 points, or 0.8%, to 43,217.
Futures for the S&P 500 Index soared 56 points, or 0.9%, to 5,991.75.
Futures for the NASDAQ Composite index leaped 245.50 points or 1.2%, to 21,472.
Members of the so-called Magnificent Seven were behind much of the market’s action in 2024. AI chip darling Nvidia notched a 171% gain for the year, while iPhone maker Apple rose 30%. But these big gains led to some profit-taking at the year’s end. The S&P 500 recorded four-straight down days to cap the year — a first since 1966.
The tech-heavy nature of 2024’s rally has raised some concern that the move is unsustainable, but more optimistic investors point to continued economic strength and earnings growth as reasons that the market still has room to run.
The holiday-shortened week has been light on economic data, but Thursday will bring a look at weekly jobless claims that will offer a read on how the labor market is faring.
In Japan, markets remained closed for the New Year holiday, while in Hong Kong, the Hang Seng dropped 2.2%.
Oil prices took on 99 cents to $72.71 U.S. a barrel.
Gold prices jumped $17.50 to $2,658.50 U.S. an ounce.
