Wall Street's Tech Surge: What to Expect from Upcoming Jobs Data

Investing.com – U.S. stock index futures remained steady on Sunday evening following a strong week for Wall Street, primarily driven by technology stocks. Investors are now looking forward to crucial jobs data expected later this week.

Market Performance

• Futures were steady at 5,991.00 points, while other indices saw minor fluctuations, with one inching up 0.1% to 21,529.75 points. The market remains largely unchanged at 43,028.0 points.
• The New York Stock Exchange will close on Thursday in honor of former President Jimmy Carter.

Upcoming Events

• Market participants are keenly awaiting the Federal Reserve's meeting minutes from the Dec 17-18 session, scheduled for release on Wednesday. Notable Fed speakers this week include Thomas Barkin, Jeffrey Schmid, and Patrick Harker. This information could provide insights into the Fed's interest rate outlook as it has indicated fewer rate cuts this year, amidst ongoing sticky inflation and a resilient economy.
• The December employment data is due on Friday, with expectations of 154,000 jobs added and an unemployment rate holding steady at 4.2%.

Tech Stocks Rally

• After a dip at the end of 2024, tech stocks rebounded sharply on Friday, influenced by the typical “Santa Rally” effect at year-end.
• The Dow Jones rose 0.8% to 42,732.13, while the S&P 500 gained 1.3% to 5,942.47 points, and the Nasdaq Composite climbed 1.8% to 19,621.68 points.
• Among the “Magnificent Seven” stocks, NVIDIA surged 4.5%, and Tesla shares jumped over 8%. Other tech giants like Meta and Intel also posted gains, with Amazon seeing a 2% increase.

In 2025, Goldman Sachs analysts project an 11% return for the S&P 500, potentially reaching 6500 by year-end, driven primarily by earnings growth.