US stock futures opened mixed on Sunday night after a week that pushed the Dow to record highs and lifted the S&P 500 and Nasdaq Composite. Semiconductor stocks slid, yet the broader indices still closed higher on the week, and traders now look to Wednesday's Federal Reserve minutes.
US stock futures pointed higher on Sunday night, extending a rally that carried the Dow Jones Industrial Average to record highs the week before. S&P 500 futures gained 0.4% and Nasdaq-100 futures advanced 1.3%, while futures tied to the 30-stock Dow slipped 28 points, or 0.1%.
A record week for the Dow
The Dow climbed nearly 2% last week, leaving it within reach of 53,000, a level it has never reached. The S&P 500 and Nasdaq Composite advanced 1.8% and 2.1% over the same stretch. The S&P 500 closed the week at 7,483.24.
Those gains held even as semiconductors — the force behind much of this year's rally — faltered. The VanEck Semiconductor ETF shed 3.2%, a second straight losing week, as investors pared exposure to chipmakers and rotated into other sectors. Micron Technology dropped 19% across the week.
Analysts stay bullish
Mark Newton, head of Technical Strategy at Fundstrat, expects the S&P 500 to reach 8,000 by mid-August, roughly 7% above Friday's close. JPMorgan analysts recently raised their year-end S&P 500 target to 7,800.
Not everyone shares the optimism. Ed Yardeni of Yardeni Research argued that Wall Street is suffering from what he called "AI fatigue", with investors unconvinced that heavy AI infrastructure spending will earn a good return.
Fed minutes in focus
Traders now turn to the Federal Reserve, with the minutes of the June meeting due Wednesday — the first gathering led by new Chairman Kevin Warsh.
Sources: CNBC, Yahoo Finance
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