Nasdaq Index, Dow Jones, S&P 500 News: Apple Surges on AI Potential, Indian Market Growth

Market Rallies as Trump Survives Assassination Attempt

Stock futures advanced on Monday as investors evaluated the impact of the assassination attempt on former President Donald Trump and geared up for a big week of corporate earnings.

The Dow reached a new all-time high above 40,000 on Friday, while the S&P 500 has surged nearly 18% in 2024.

Apple shares gained 2% after Loop Capital upgraded the technology giant to a buy rating, citing its upcoming and future AI integrations as an opportunity to become the generative AI “base camp” of choice. Bloomberg News also reported that Apple’s sales in India grew 33% year over year through March to a record $8 billion.

At 12:32 GMT, Dow futures are trading 40513.00, up 212.00 or +0.53%. S&P 500 Index futures are at 5689.00, up 24.25 or +0.43% and Nasdaq 100 Index futures are trading 20626.50, up 102.50 or +0.50%.

Trump Assassination Attempt Impacts Markets

The failed assassination attempt on Trump, the Republican presidential candidate, has potential market implications. Investors speculate it could boost Trump’s poll numbers ahead of the November election. Sam Stovall, chief investment strategist at CFRA Research, stated, “The market will continue on its momentum ways.” Shares of insurers Humana and UnitedHealth Group gained in premarket trading, potentially benefiting from reduced cost pressures under a Republican administration.

Earnings Season Kicks Off

Investor focus is shifting to second-quarter earnings reports. Over 40 S&P 500 companies are set to report this week, including Bank of America, United Airlines, and Netflix. Goldman Sachs shares rose after posting better-than-expected earnings, following a trend set by major banks to start the reporting season.

Notable Stock Movements

Trump Media & Technology surged over 50% following the assassination attempt. Super Micro Computer rose 3.6% on news of its inclusion in the Nasdaq 100 index. Cryptocurrency-related stocks, including Coinbase, Marathon Digital, and Riot Platforms, jumped as Bitcoin and Ethereum prices increased. SolarEdge Technologies shed about 9% after announcing plans to lay off 400 employees. Tesla stock rose 4%, building on a more than 25% gain so far this month.

Market Forecast

The market outlook appears bullish in the short term, driven by strong earnings expectations and potential political shifts.

The Republican National Convention begins Monday in Milwaukee, Wisconsin, with Trump leading President Biden in national polls.

Investors should closely monitor Federal Reserve Chair Jerome Powell’s upcoming remarks at the Economic Club of Washington, D.C. for insights into monetary policy direction.

While geopolitical tensions remain a concern, the overall market sentiment remains positive, supported by technology sector strength and anticipation of strong corporate earnings reports.

Technical Analysis

E-mini S&P 500 Index futures are trending higher in the pre-market session, putting it in a position to challenge the record high at 5708.25.

On the downside, the key price to watch is 5621.25. Although a trade through this level won’t change the trend to down, it could trigger a quick break into a short-term pivot at 5562.00, followed by a swing bottom at 5502.75.