US stock futures rose slightly higher on Monday, following the climb of the major indices that closed at record highs last week.
Futures pegged to the S&P 500 were up 0.4%, indicating an extension of last week’s moderate gains that drove the broad market index to record highs on Friday. Contracts linked to the Dow Jones Industrial Average were up 0.5%. Markets in the US are closed on Monday due to Presidents Day.
Stock markets have rallied this year as investors look forward to additional stimulus spending and an economic recovery as vaccination programs are rolled out around the world. The Democrats plan to continue work on President Biden’s $ 1.9 trillion coronavirus relief plan this week. World leaders will also jointly discuss the pandemic response Friday at a virtual meeting of leaders from the group of seven industrialized countries.
Investors are focused on “fiscal stimulus, monetary stimulus, the recovery and earnings expected to come through in 2021,” said Esty Dwek, head of global market strategy at Natixis Investment Managers.
Monday will be “a calmer day with more of the same, more upward movements,” she added.