The market hopes to put tech's issues in the rear-view mirror this coming week.
Dow futures were up 24 points as of 6:20 p.m. EST on Sunday. S&P 500 and Nasdaq futures each gained about 2 points.
A major selloff in tech stocks dragged the Nasdaq underwater for much of last week. The tech-heavy index ended Friday, June 16, with its fifth loss in six sessions and another weekly loss. The Nasdaq hasn't seen a back-to-back weekly loss since April.
The Nasdaq ended the week with a loss of 0.9%. Meanwhile, the Dow Jones Industrial Average ended with a weekly gain of 0.5%, its fourth in a row. The S&P 500 was 0.06% higher.
Since the Nasdaq hit a high of 6,321.76 on June 8:
Netflix: -8.5%— Brian Sozzi (@BrianSozzi) June 17, 2017
Despite major selloffs for the Nasdaq, most analysts do not see reason to worry nor lose faith in the current bull market.
"We haven't really seen any significant technical breakdowns at this point," Tony Bedikian, head of global markets for Citizens Bank, told TheStreet. "We'll obviously be keeping a very close eye on any sector rotations and if there's any significant pullback in the broader indexes over the coming weeks but nothing that we're predicting at this point."
Meanwhile, Wall Street is still trying to wrap its arms around what looks to be a more hawkish Federal Reserve.
The Federal Open Market Committee, the monetary policy arm of the U.S. central bank, recently raised interest rates by 0.25%, as analysts expected, and forecast a steady string of increases through to 2018.
Fed members also pegged recent softening in inflation data as transitory, though committed to monitoring developments closely. Fed Chair Janet Yellen said in a press conference that "one-off" price decreases were responsible for soft inflation.
"The Fed is worried about inflation tomorrow, not today," Dan North, chief economist at Euler Hermes North America, told TheStreet. "They may see [recent softening] as a little more entrenched than they would like but they're [also] seeing unemployment being very low and likely to continue to go lower. As a result it's prudent on their part to maintain the path of raising interest rates."
The governing body also signaled its intent to begin unwinding its $4.5 trillion balance sheet, which could trigger higher interest rates.
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