U.S. stock futures were sideways Monday evening after a momentous first trading day of 2022.
Contracts on the Dow Jones Industrial Average, S&P 500, and Nasdaq were mostly flat after all three indexes rallied in Monday’s session. The Dow jumped nearly 250 points to notch a record close, and the S&P 500 gained 0.6% to 4,796.56, topping its previous high. The Nasdaq drew strength from a great day for tech to end 1.2% up but fell short of its last record close in November.
“When I think about the market and the economy right now, I think about momentum,” Baird market strategist Michael Antonelli told Yahoo Finance Live.
“Momentum is one of the most durable factors when it comes to the stock market,” he said. “If you looked at new all-time highs last year, there were actually more new all-time highs than in the entire '70s and 2000s combined, those two decades — we’ve got a lot going for us right now.”
The S&P 500’s performance on Monday showed the index was powered by its own velocity indeed, picking up right where it left off in 2021, ending a banner year with 70 closing records and its third annual double digit increase of 27%.