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U.S. equity futures advanced in pre-market trading Monday as stocks attempted to sustain momentum from last week’s rally.
Futures tied to the S&P 500 ticked up 0.3% ahead of the open, while futures tied to the Dow Jones Industrial Average gained 60 points, or roughly 0.2%. Contracts on the tech-heavy Nasdaq Composite rose 0.4%.
The moves follow a sharp rebound Friday that saw the S&P 500 surge 3% during the session and over 6% for the week, its second-best week this year and its first weekly rise since late May. Still, the benchmark index is on pace for its worst opening six months since 1970.
During the last session, the Dow rose more than 800 points, or 2.7%, while the Nasdaq increased by more than 3.3%, leading to weekly gains for the indexes of more than 5% and 7%, respectively.
Some Wall Street strategists are hopeful that markets may have found a bottom.
“As bad as [this year] has been for investors, the good news is previous years that were down at least 15% at the midway point to the year saw the final six months higher every single time, with an average return of nearly 24%,” LPL Financial chief market strategist Ryan Detrick said in a note last week.
J.P. Morgan strategist Marko Kolanovic also predicted that U.S. equities as investors rebalance portfolios amid the end of the month, second quarter, and first half of the year.
While sentiment on Wall Street appears optimistic, investors are in for a bevy of key economic reports and earnings that and put hopes of a comeback to the test.
Quarterly results from Nike () and Micron () will be closely watched for signs of rising inventories and slowing orders like have warned about recently, which may renew worries of an economic slowdown among Corporate America.
Traders also face a fairly loaded economic calendar this week, with the latest read on core PCE inflation – the Federal Reserve’s preferred measure of consumer prices, the Conference Board’s consumer sentiment survey, and manufacturing and housing reports due out through Friday.
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Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc
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