SPX: S&P 500 Futures Rise After Stocks Creep Up to Break 4-Week Losing Spiral

“Get in losers, we’re going shopping,” every stock bro last Friday, probably, as they collectively got out of the loser’s mindset and into a winning week.

🎯 What’s Up?

• Futures contracts tied to the S&P 500 (SPX) were drifting higher by 0.6% Monday morning after the broad-based index cranked out a victory last week. Snapping a run of four consecutive weeks in the red, the S&P 500 advanced 0.1% on Friday, with the big pump coming in the last hour like the index had something to prove.
• For the week, the Wall Street darling climbed roughly 0.6%. Its tech-heavy peer, the Nasdaq Composite IXIC rose 0.3% after it popped 0.5% on Friday, also breaking a four-week losing spiral. The Dow Jones Industrial Average DJI jumped a tiny 0.1% on Friday, bringing its weekly showing to a mighty 1.2%

🎁 What Happened?

• Now what? The Federal Reserve is out of the way and so are the most anticipated earnings reports. To catch you up — the Fed held interest rates steady but cautioned of higher inflation. Still, it upheld its guidance for two rate cuts this year despite Donald Trump’s tariffs and troubling global trade wars.
• In earnings, Nike NKE wasn’t too sure it can just do it after it topped revenue expectations for the February quarter but projected a sales drop in the “mid-teens range” for the three months ending May.

📞 What’s Coming?

• Looking ahead, everyone and their dog will be watching to see what happens on April 2 — the reciprocal tariff deadline for Canada and Mexico. The uncertainty around America’s biggest trade partners and their response is expected to keep Wall Street traders on their toes (probably downing one mezcal espresso martini after another).
• In scheduled economic news, today the US will report its manufacturing PMI index for March, expected to show how active the manufacturing business was for the month. GDP data is on deck for Thursday and the Fed’s preferred inflation gauge — Core PCE — is slated for Friday.