S&P 500 and Nasdaq 100 futures inch higher; Walmart, Home Depot eye earnings
US equity index futures inched higher, with AI-linked names rising, while Walmart and Home Depot trade muted ahead of their earnings this week.
Futures tracking US equities were muted on Monday as fresh confidence in the AI trade weighed against macroeconomic headwinds.
Contracts for the S&P 500 and the Nasdaq 100 inched higher to extend their gains from the previous week.
AI hyperscalers and infrastructure companies alike rose after strong revenue growth from Anthropic supported the case that AI model development and capital expenditure on datacenters will be sustained in the medium term.
The company posted $11.5 billion in revenue during the second quarter and is meeting with banks for a potential IPO, likely to be the biggest on record.
Memory chip producers Sandisk and Micron extended their sharp increases from the previous week in premarket trade, while Nvidia and Amazon inched up.
In turn, traditional economic sectors extended the underperformance from last week, with the Dow hovering below the flatline.
Walmart and Home Depot were muted ahead of their earnings this week.