Stock futures are rising Monday as the market looks to kick off the month on a high note after losing ground in February.
Futures tied to the S&P 500 and Nasdaq Composite were up 0.4% and 0.6%, respectively, in recent trading, while those linked to the Dow Jones Industrial Average added 0.2%. Stocks posted solid gains on Friday but still recorded losses for the month amid mounting investors concerns about the economy and uncertainty about the impact of policies coming from the Trump White House.
Stocks tied to cryptocurrencies were among the big gainers in premarket trading Monday after Trump on Sunday announced the creation of a “Crypto Strategic Reserve.” Bitcoin, which had dropped to a three-month low below $80,000 on Friday, was trading around $93,000 this morning.
Shares of Strategy (MSTR), formerly known as MicroStrategy and one of the world’s largest holders of bitcoin, were up 13% ahead of the bell. Crypto exchange Coinbase Global (COIN) rose about 10%, as did shares of bitcoin miners MARA Holdings (MARA) and Riot Platforms (RIOT).
Mega-cap technology stocks were mostly higher Monday morning, led by a 3% gain for shares of EV maker Tesla (TSLA), which have shed more than a quarter of their value so far this year. Microsoft (MSFT), Amazon (AMZN), Alphabet (GOOG), Meta Platforms (META) and Broadcom (AVGO) were also on the rise, while AI chipmaker Nvidia (NVDA) slipped 0.6% and Apple (AAPL) was little-changed.
Shares of Intel (INTC) were up more than 5% after Reuters reported that Nvidia and Broadcom are running tests on the beleaguered chipmaker’s manufacturing process.
The corporate earnings calendar is light on Monday but picks up in the coming days, with reports scheduled this week from Broadcom and several large retailers, including Costco (COST) and Target (TGT).
On the economic data front, Monday is quiet as investors await labor market indicators, with the big event coming on Friday with the release of the February jobs report. Investors are keeping close tabs on indicators as they look for signs that the economy is on sound footing and information that could affect the Federal Reserve’s decision-making on interest rates.
The yield on 10-year Treasurys, which is correlated with expectations on where interest rates are headed and affects costs on all sorts of loans, was at 4.25%, up from 4.23% at the close of trading on Friday. The yield is trading near its lowest level since early December.
Gold futures were up 1.3% at $2,885 an ounce this morning, while West Texas Intermediate crude oil futures rose 0.4% to $70.05.