Stock futures rose slightly in overnight trading on Sunday after the S&P 500 posted its best week of 2024.

Futures linked to the S&P 500 rose 0.2%, while futures related to the Dow Jones Industrial Average 50 points or 0.1% added. Nasdaq-100 futures slightly increased by 0.2%

Equity markets have had a successful week, although the stock market was more volatile. The broad index gained 3.9%, recording its best week since 2023. The Nasdaq Composite and the Dow gained 5.2% and 2.9%, respectively.

“Similar to some of the recent recoveries from setbacks, this was a little game of ‘put the money back where it came from,'” SoFi’s Liz Young Thomas told CNBC on Friday.

She added that the market needed “good news” to recover from the previous week’s defeat. This came in the form of good retail sales, initial jobless claims and results from Walmart.

Last week’s rally came after August got off to a turbulent start. Earlier in the month, disappointing data stoked recession fears and worries that the Federal Reserve was lagging on rate cuts. The worries sparked a global sell-off that pushed the S&P 500 to its worst day since 2022 on August 5.

New data last week appeared to calm worried markets and bolster hopes that the economy can achieve a soft landing. The 12-month inflation rate, as measured by the consumer price index in July, slowed to 2.9% – the lowest in more than three years.

Wall Street is eagerly awaiting Fed Chairman Jerome Powell’s speech in Jackson Hole, Wyoming, on Friday, as investors seek more clarity on the prospects for rate cuts. That won’t be the only Fed news of the week, as the minutes of the Federal Reserve’s latest meeting are due on Wednesday. The Democratic National Convention also begins on Monday.

The reporting season starts on Monday with the results of Palo Alto Networks And Estee Lauder.