People walk near the New York Stock Exchange (NYSE) near One World Trade Center, Freedom Tower, in lower Manhattan during ceremonies to commemorate the September 11, 2001 terrorist attacks on September 11, 2020 in New York City.
Spencer Platt | Getty Images
US equity futures were flat Monday night after the market kicked off the week with a widespread rally.
Futures linked to the Nasdaq 100 rose 0.1%, while those of the Dow Jones Industrial Average and S&P 500 were flat.
The movement in futures follows a rally for Wall Street on Monday. Fresh out of its worst week since March, the Nasdaq Composite Index led the way with a 1.9% gain as major tech stocks regained their balance. The Dow and S&P 500 also gained more than 1%, with advancing stocks outnumbering declining stocks by almost 5 to 1 on the New York Stock Exchange.
Sentiment was bolstered on Monday by positive news on the vaccine front, with AstraZeneca resuming its phase three trial in the UK and Pfizer CEO Albert Bourla saying over the weekend the company is expected to be able to present key data from its trial to regulators by the end of October.
Optimism over the United States’ better control of the virus was one of the main reasons LPL Financial raised its year-end target for the S&P 500 to a range of 34,503,500 on Monday, said Jeff Buchbinder , equity strategist of the company. . This target implies an increase of around 2% for the market over the rest of the year.
Buchbinder said Monday’s rally was also fueled by the announcement of major deals in the tech space, including Nvidia’s decision to buy Arm Holdings from Softbank for around $ 40 billion.
“Whatever the situation, whatever the industry, big engagements and big mergers tend to show confidence, and we would take that as positive signs,” Buchbinder said.
The tech sector could generate more titles in the market on Wednesday, Apple is expected to announce new products at a digital-only event. However, the company is not expected to release a new iPhone.
The strong session followed a decline in tech stocks in recent weeks which sent the Nasdaq Composite into a correction, meaning the index fell more than 10% below its all-time high.
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