US Stock Futures Flat in Overnight Trading Following Rally in Tech Shares

By Staff, Agencies

US stock futures remained steady in overnight trading on Monday, according to CNBC News.

Futures contracts tied to the Dow Jones Industrial Average were about 10 points higher. The S&P 500 and the Nasdaq 100 futures also did not change much.

Shares of major tech giants rose on Monday, pushing the S&P 500 in positive territory for the year.

The tech-heavy Nasdaq closed up 264 points at 10,767 after peaking at an all-time high of 10,784. Its top four stocks – Amazon, Microsoft, Google's Alphabet and Apple - which together account for about 40 percent of the index, all rallied in Monday's session, responding to bullish forecasts for online retail and their supportive technology for the upcoming earnings season.

Shares of Amazon jumped 7.9 percent on Monday, marking its best performance since December 2018.

The broader market settled flat, as positive news on coronavirus vaccine development helped offset the new increases in the number of infections in parts of the United States. The Dow closed up 9 points at 26,681 and the S&P 500 settled up 27 points, or 0.8 percent, at 3,252.

Overall, the S&P 500 has risen 0.6 percent this year, while the Nasdaq has jumped 20 percent. The Dow, however, has dropped 6.5 percent for 2020.