Stock Market Today: Futures Point to a Rebound as Michael Kors Surges
NEW YORK (TheStreet) -- After last week's steep selloff that saw the Dow Jones Industrial Average plunge into the red for the year, U.S. stock futures were indicating that the broader market will resume its climb Monday.
Dow futures were gaining 48 points, or 38.63 points above fair value, to 16,464. S&P 500 futures were rising 6.75 points, or 5.9 points above fair value, to 1,925.25. Nasdaq futures were advancing 10.7 points, or 11.93 points above fair value, to3,884.
U.S. stock markets returned to calm Friday as risk-off sentiment evaporated on a jobs number that was not too cold and not too hot.
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"We believe it's too early to call a top in the market," said Piper Jaffray's technical market strategist Craig Johnson. He said that while broader market SPX violated its rising 50-day moving average last week suggesting that the short-term trend of the market is now lower, its intermediate and long-term uptrends remain intact. The 50-day moving average has been pierced four times over the last three years, and each time has been an "excellent buying opportunity" for investors, Johnson said.
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