Stock futures climbed on Monday as investors processed the fallout from an assassination attempt on former President Donald Trump and braced for a significant week of corporate earnings.
Dow Jones Industrial Average futures gained 210 points, or 0.5%, while S&P 500 and Nasdaq 100 futures each advanced 0.4%.
The attempted assassination of Trump, the leading Republican candidate, sent ripples through the political landscape but appeared to buoy investor sentiment.
Analysts speculated that the incident might bolster Trump and Republican standings ahead of the November election.
“The silver lining is that Trump wasn’t gravely injured, which means the market’s upward momentum can persist,” noted Sam Stovall, chief investment strategist at CFRA Research, during an interview on CNBC’s “Worldwide Exchange.”
As the Republican National Convention kicks off Monday in Milwaukee, Wisconsin, Trump holds a lead over President Joe Biden in national polls.
In premarket trading, shares of insurers Humana and UnitedHealth Group saw gains, likely anticipating fewer cost pressures under a potential Republican administration.
“Trump was already the clear frontrunner, and the shooting will only cement that status,” commented Adam Crisafulli, founder of Vital Knowledge, in a Sunday note.
Investor focus is also shifting to second-quarter business earnings reports, which could further fuel the market rally.
More than 40 S&P 500 companies, including Bank of America, United Airlines, and Netflix, are set to report earnings this week.
Goldman Sachs shares climbed on Monday following an earnings report that surpassed analyst expectations, continuing a trend of strong results from major banks.
Investors will also closely watch Federal Reserve Chair Jerome Powell’s remarks at the Economic Club of Washington, D.C., at 12:30 p.m. ET.
The blue-chip Dow hit a new all-time high above 40,000 on Friday, pushing its 2024 gains over 6%. The S&P 500 has surged nearly 18% this year, driven by technology giants.
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