Stock futures rise to extend earlier gains
Stock futures opened slightly higher Monday evening to extend earlier gains, with equities recovering from concerns over the path forward for monetary policy last week.
Contracts on the S&P 500 edged higher. Dow futures also advanced, after the 30-stock index jumped by the most since March earlier during the day.
Monday’s session saw traders pile back into some of the cyclical areas of the stock market that came under the most pressure last week, when the Federal Reserve’s increased inflation outlook raised concerns that higher prices would ultimately weigh on the economic recovery. However, according to some traders, now that the Fed has signaled it would move to stem fast-rising inflation, some of the longer-term allure of the cyclical trade may be lifted.
“I think the question is going to be here is, we were priced very dovishly going into the Fed. We appear to now be priced…