
June S&P 500 futures (ESM23) are up +0.21%, and June Nasdaq 100 E-Mini futures (NQM23) are up +0.28% this morning as market participants continued to assess the path of Federal Reserve monetary policy following a solid U.S. jobs report while bracing for the start of the earnings season and inflation data later this week.
In Monday’s trading session, the blue-chip Dow outperformed the other two indices, boosted by gains in industrial stocks, with the sector’s bellwether, Caterpillar Inc (CAT), closing up about +3%. Also, Western Digital (WDC) and Micron Technology (MU) climbed over +8% and were the top two percentage gainers on the S&P 500, helping keep the benchmark index in positive territory. At the same time, the tech-heavy Nasdaq 100 underperformed major benchmarks as the prospect of another rate hike weighed on megacap growth stocks, while Apple Inc (AAPL) fell over -1% after research firm IDC said Mac shipments dropped -40.5% y/y in the first quarter.