Stock futures are higher Tuesday morning as the trading week kicks off with major indexes near all-time highs.
Futures tied to the Dow Jones Industrial Average were up 0.2% about two hours before the opening bell, while those linked to the S&P 500 and Nasdaq each added 0.4%. The major indexes posted solid gains last week, led by a 2.6% increase for the tech-heavy Nasdaq Composite, while the S&P 500 rose 1.5% to finish the week just a few points shy of a record closing high. (U.S. financial markets were closed on Monday for the Presidents’ Day holiday.)
Shares of mega-cap technology companies were mostly higher in premarket trading, with Apple (AAPL), Nvidia (NVDA), Microsoft (MSFT), Alphabet (GOOG), Amazon (AMZN) and Tesla (TSLA) all gaining ground. Shares of Meta Platforms (META), which have closed higher in 20 consecutive sessions, were down slightly this morning, while chipmaker Broadcom (AVGO) also slipped.
Intel (INTC) shares were up 6% after The Wall Street Journal reported over the weekend that Broadcom (AVGO) and Taiwan Semiconductor Manufacturing Co. (TSM) are considering bids for parts of the embattled chipmaker.
Shares of Constellation Brands (STZ) jumped 8% following news that Warren Buffett’s Berkshire Hathaway had taken a stake in the parent of Modelo beer, Robert Mondavi wine and other alcoholic beverages brands.
Southwest Airlines (LUV) shares were up more than 2% this morning after the company said it plans to cut 15% of its workforce, the first major layoffs in the budget airline’s history.
In other markets, bitcoin was at $95,800, down from a Friday high of around $99,000 and near its lowest levels of the month. Gold futures were up nearly 1% at around $2,930 an ounce, approaching a record high, while West Texas Intermediate crude oil futures gained 0.7% to $71.20 an ounce.
The yield on 10-year Treasurys, which correlates with expectations about where interest rates are headed, was at 4.52% this morning, up from 4.48% at Friday’s close. The yield jumped as high as 4.66% last week after disappointing inflation data raised concerns about whether the Federal Reserve would be in a position to cut rates this year.