Wall Street was in line to start Monday little changed as another rally ran out of steam.
U.S. stock futures hovered around the flatline Monday as traders struggled to extend the latest rally.
How are stock-index futures trading On Friday, the Dow Jones Industrial Average DJIA rose 331 points, or 1%, to 33375, the S&P 500 SPX increased 74 points, or 1.89%, to 3973, and the Nasdaq Composite COMP gained 288 points, or 2.66%, to 11140.“Markets finished the week strongly, with the beaten down Nasdaq continuing to show signs of new year promise.
“The market continues to frustrate both bulls and bears, unable to breakout decisively either way. At this point, we wonder if this range is too obvious, and perhaps we need to see a ‘false breakout’ above 4k before moving lower, similar to what we saw in mid December at 4,100,” Krinsky wrote in a note to clients..
The earnings season so far has been a mixed bag. Tajinder Dhillon, analyst at Refinitiv, says 63.6% of companies so far have beaten earnings estimates — compared to the long-term average of 66.3%, and the prior four quarter average of 75.5%.
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