Traders work on the floor of the New York Stock Exchange (NYSE), June 29, 2023.
Brendan McDermid | Reuters
U.S. stock futures were little changed Sunday night, as traders prepared for the second half of what’s already been a stellar year on Wall Street.
Tesla shares were little changed in overnight trading after the electric vehicle maker reported delivery and production numbers that beat analysts’ expectations. Elsewhere, United shares inched marginally lower as bad weather contributed to a swath of flight disruptions for the airline over the long holiday weekend.
Stocks are coming off a banner start to 2023. On Friday, the Nasdaq Composite closed out its biggest first-half gain since 1983, surging 31.7%, while the S&P 500 jumped 15.9% for its best first-half since 2019. The Dow Jones Industrial Average lagged, climbing a modest 3.8% during the period.
Those gains come as enthusiasm around artificial intelligence boosted tech stocks. Recent data showing a resilient U.S. economy despite higher rates also lifted investor sentiment, easing some fears on Wall Street of a long-awaited downturn.
“The tailwinds from a technical perspective may be ending, as the universal pessimism fades, but there are growing indications that a handoff from technicals to fundamentals is possible, with encouraging macro and earnings data,” said Mark Hackett, Nationwide’s chief of investment research in a Friday note.
Stocks kick off a shortened trading week Monday, with the market closing at 1 p.m. ET for the Independence Day holiday. Investors will pore over the latest ISM Manufacturing PMI and S&P Global manufacturing PMI data for June Monday morning ahead of Friday’s keynote jobs report.