Wall Street tried to build on last week's gains as S&P 500 futures rose on Monday night.
S&P 500 futures gained 21 points, or 0.11%. The S&P 500 and the Nasdaq 100 futures were up. The Memorial Day holiday prevented the stock market from opening.
The best weekly gains for the S&P 500 since November 2020 followed those moves.
For the week, the index closed up 6.2%, ending an eight-week losing streak. After seven weeks of losses, the S&P 500 and the Nasdaq gained on the week. Solid earnings from the retail sector, as well as an inflation report that showed prices could be easing lifted investor sentiment.
Friday, when the S&P 500 popped 2.5%, was a big day for last week's gains. Solid reports from tech companies, as well as a dip in the 10-year Treasury yield, boosted the Nasdaq.
The bounce is still being considered by traders as a bottom as stocks remain off their highs. The S&P 500 is down 13.7%, the Dow is off 10.1%, and the Nasdaq is off 25.2%.
Ryan Grabinski said in a Friday report that there could be some sharp snapbacks in stocks that won't represent a true turning point for the market.
During a holiday- shortened week, traders will look through more corporate earnings. Victoria's Secret and HP are expected to report earnings on Tuesday.
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