Stock futures rise after Nasdaq notches best day since July

Stock futures rose late Monday after the Nasdaq Composite posted its best daily performance since July.

Futures linked to the Dow Jones industrial average gained 174 points or 0.58%. S&P 500 futures jumped 0.69% and Nasdaq 100 futures climbed 0.75%.

The moves came after a winning day on Wall Street. The Dow Jones Industrial Average jumped around 550 points, after a volatile week of trading. The S&P 500 also rose 2.65% for the day. The Nasdaq jumped 3.43% as tech stocks rebounded, led by names including Amazon, Meta Platforms and Microsoft. It was the best day for the tech-heavy index since July 27.

Strong earnings reports drove stocks higher. Bank of America rose 6.06% after reporting better-than-expected results, and Bank of New York Mellon gained 5.08% after its own earnings beat.

Additionally, another pivot from the UK supported the markets. Jeremy Hunt, Britain’s new finance minister, announced on Monday that he cancel almost all announced tax cuts and repay an energy subsidy.

Investors are watching for any signs that the stock market has bottomed out and the new rally could be the start of a new bull cycle. However, analysts are not so sure the bottom has been reached and many see more pain ahead.

“I think this is going to be one of those bear market rallies that has people scratching their heads,” Guy Adami, advisor advocacy director at Private Advisor Group in Morristown, New Jersey, said on “Fast Money” from CNBC, adding that the markets are far from out of the woods when it comes to the bear market.

More big bank revenue is on the way. Tuesday morning, Goldman Sachs will publish its quarterly results. Johnson & Johnson, Netflix and United Airlines will also announce results that day. Later in the week, Tesla, IBM and American Airlines report.

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