US pre-open: Futures mixed, but Nasdaq tests new highs
By Benjamin Chiou
Date: Monday 17 Jun 2024
(Sharecast News) - US stock futures were pointing to a mixed start on Wall Street on Monday, though the Nasdaq is expected to test new highs to start a shortened trading week.
Futures on the tech-heavy Nasdaq Composite were up 0.12% in pre-market trading, extending gains after the index set a new closing record high of 17,688.88 on Friday, having gained 5.7% over June alone.
Futures on the Dow were 0.15% lower as the index continues its recent subdued performance, while the S&P 500 was trading more or less flat, having touched an all-time closing high of 5,433.74 on Thursday before a slight pull-back the following session.
Despite the flat start, Goldman Sachs announced over the weekend that it has lifted its year-end target for the S&P 500 to 5,600, from 5,200 previously, due to "milder-than-average negative earnings revisions and a higher fair value price/earnings multiple". The investment bank now raised its price projection for the index three times since December.
"In what will be a shortened trading week in the US due to the Juneteenth holiday on Wednesday, the consumer will remain in focus with the release of retail sales data tomorrow," said Richard Hunter, head of markets at Interactive Investor. US retail sales are expected to have increased by just 0.2% in May after a flat performance in April.
"Core to the fortunes of economic growth, and with waning sentiment given the higher levels of interest rates, the strength or otherwise of the consumer remains pivotal," Hunter said.
As for Monday's session, the only major economic data release is the NY Empire State Manufacturing Index for June, due out at 0830 EDT, which is forecast to have risen to -9.0 from -15.6 in May.
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