Stock futures were calm on Sunday evening ahead of the first trading day in June.
Futures for the Dow Jones Industrial Average ticked up 34 points, or about 0.1%. S&P 500 futures were flat, and Nasdaq 100 futures were down 0.1%.
Wall Street is coming off a strong May, with all three major averages notching their sixth positive month in seven. The Nasdaq Composite rose 6.9%, its best month since November 2023.
However, the rally seemed to lose steam near the end of the month. The three averages all closed May more than 1% below their record highs, even with the Dow adding more than 500 points on Friday. The Nasdaq fell 1.1% last week as chip stocks, including Nvidia, stumbled.
“Investor expectations are high, particularly for growth and tech companies. So companies who are missing earnings or issuing lackluster forward guidance are being punished,” said Dylan Kremer, chief investment officer at Certuity.
Those growth stocks can also be affected by moves in interest rates, which will be a key focus for investors ahead of the Federal Reserve meeting later this month. The first week of June is brimming with economic updates, including manufacturing data on Monday and a key jobs report on Friday.
Nvidia announces latest AI chip model
Nvidia announced new AI chips on Sunday before its latest model has even shipped to customers.
The new chip model is called “Rubin.” Nvidia had announced its “Blackwell” chips in March. Huang said Sunday that Nvidia plans to release new AI chip models on a “one-year rhythm.”
Shares of Nvidia are up more than 120 year-to-date even as other deep-pocketed tech companies try to compete with the AI leader.
— Jesse Pound, Rebecca Picciotto
Stock futures open little changed
Stock futures were largely unchanged shortly after 6 p.m. in New York, with the three major contracts within 0.2% of the flatline.
— Jesse Pound
Key economic reports this week
Here are some of the notable economic and corporate updates this week. All times ET:
Monday, June 3
10 a.m. Construction spending (April)
10 a.m. ISM manufacturing (May)
Tuesday, June 4
10 a.m. JOLTS job openings (April)
Earnings: Hewlett Packard Enterprise, Bath & Body Works
Wednesday, June 5
10 a.m. ISM services PMI (May)
Earnings: Campbell Soup, Dollar Tree
Thursday, June 6
8:30 a.m. Initial jobless claims
Earnings: J.M. Smucker Co.
Friday, June 7
8:30 a.m. May jobs report
— Jesse Pound, Sarah Min
