Futures tied to Wall Street's main indexes gained on Monday, rebounding from heavy losses last week, as investors remained optimistic about soft landing prospects for the U.S. economy ahead of a crucial inflation report later in the week.
Market Snapshot
At 8:12 a.m. ET, Dow E-minis were up 245 points, or 0.61%, S&P 500 E-minis were up 31 points, or 0.58% and Nasdaq 100 E-minis were up 119.5 points, or 0.65%.
Pre-Market Movers
Boeing — Shares jumped 4% after the aircraft maker reached a deal with a union that represents its factory workers, potentially avoiding a costly strike.
MarineMax — Shares jumped 6% after Citi upgraded shares to buy from neutral. The firm highlighted the upside of a lower-rate environment and limited downside risks.
Palantir Technologies, Dell Technologies — Shares of Palantir and Dell rallied 8% and 5%, respectively, after it was announced postmarket Friday that the stocks would join the S&P 500 index. Palantir will replace American Airlines, while Dell will replace Etsy.
Merck — The pharmaceutical stock dipped 2% after rival Summit Therapeutics announced phase three trial results for a lung cancer drug. Summit said that its product achieved a “clinically meaningful benefit” compared to Merck’s Keytruda. Summit shares soared more than 30%.
Arm Holdings — The chip stock moved nearly 3% higher following a Financial Times report that Apple will use Arm’s artificial intelligence chip technology in the iPhone 16, set to be unveiled Monday.
United States Steel — Shares moved about 3% higher after JPMorgan upgraded the industrial stock to overweight from neutral. The firm believes the recent pullback signals a buying opportunity on valuation support and expects shares to pullback even more if its planned sale to Nippon Steel falls through.
JetBlue Airways — Shares gained 2% after Bank of America upgraded the airline stock to neutral from underperform, and hiked its price target, citing improving conditions such as falling fuel prices. The rating change also comes after JetBlue last week hiked its third-quarter revenue estimates.
Market News
Google's antitrust trial over online advertising set to begin
Alphabet's Google will face U.S. antitrust prosecutors on Monday in Alexandria, Virginia, where the Justice Department will seek to show the company stifled competition in online advertising technology, in the search giant's second recent showdown with the Justice Department.
Prosecutors say Google has largely dominated the technological infrastructure that funds the flow of news and information on websites through more than 150,000 online ad sales every second.
Janet Yellen Says Recent Data Points to Soft Landing for U.S. Economy
Treasury Secretary Janet Yellen has said recent economic data signaled that the U.S. economy is pulling off a soft landing, but noted that there are "downside risks" to employment.
"So what I see when I look at the economy is very strong growth deep into a recovery, with the economy operating basically at full employment," Yellen said during a fireside chat with Bloomberg's David Gura at the Texas Tribune Festival.
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