Stock market today: Live updates

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Stock market today: Live updates

A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., July 3, 2024. 

Brendan Mcdermid | Reuters

U.S. stock futures were slightly higher on Monday after the Dow Jones Industrial Average closed at a record high.

Futures linked to the 30-stock average rose by 42 points, or 0.1%. S&P 500 futures and Nasdaq 100 futures respectively climbed 0.2% and 0.3%.

Earlier in the day, the Dow advanced 0.53% to a record close. The 30-stock index also hit an all-time high during the session. The S&P 500 added 0.28%, while the Nasdaq Composite gained 0.4%.

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The market also continued its rotation into small-cap stocks, with the Russell 2000 rising 1.8% during Monday’s session. Tom Lee, the head of research at Fundstrat Global Advisors, thinks that last week’s big gains for the small-cap index marks just the beginning of a longer rotation. The Russell 2000 posted a 6% gain last week.

“That rally that started last week for small caps is going to be larger than the October to December rally of last year that was over eight weeks and almost a 30% gain for the Russell 2000,” he said on CNBC’s “Closing Bell: Overtime.”

Lee said that small-cap stocks look comparatively more oversold, with valuations even lower this time around.

“We think that this move could be something like 10 weeks and as much as 40%,” he added, noting that the monthly decline in June’s consumer price index reading is giving small-cap stocks “the green light” to rally.

Bank of America, Morgan Stanley, UnitedHealth and Charles Schwab are set to report earnings Tuesday before the bell. Traders will also watch for the latest economic data, which includes June’s retail sales, export and import price indexes and May’s business inventories.

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