S&P Forges Higher to Start Month

S&P 500 futures rose slightly on Monday as investors tried to carry the market’s strong May momentum into the new month.

Futures for the Dow Jones Industrials inched up five points to 38,786.

Futures for the S&P 500 picked up 11.75 points, or 0.2%, at 5,307.25.

Futures for the NASDAQ Composite gathered 95.25 points, or 0.5%, to 18,686.25.

Nvidia shares ticked 3% higher in the premarket.

Wall Street is coming off a strong May, with all three major averages notching their sixth positive month in seven. The NASDAQ Composite rose 6.9%, its best month since November 2023.

However, the rally seemed to lose steam near the end of the month. The three averages all closed May more than 1% below their record highs, even with the Dow adding more than 500 points on Friday. The NASDAQ fell 1.1% last week as chip stocks, including Nvidia, stumbled.

GameStop shares were up more than 74% amid speculation that Keith Gill, who inspired the 2021 short squeeze, could have a big position in the video game retailer.

Gill, who goes by DeepF——Value on Reddit and Roaring Kitty on YouTube and X, posted a screenshot of what could be his portfolio, showing more than 5 million GameStop shares worth $115.7 million. The image also showed 120,000 call options in GameStop.

In Japan, the Nikkei 225 jumped 1.1% Monday, while in Hong Kong, the Hang Seng index leaped 1.8%.

Oil prices forged ahead eight cents to $77.07 U.S. a barrel.

Gold prices gained $4.40 to $2,350.20 U.S. an ounce.

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