Stock futures were little changed as Wall Street looked to build on consecutive gains

CNBC Pro: Goldman Sachs Asset Management highlights US market corner with ‘great opportunities’

The Goldman Sachs Asset Management strategist pointed to a segment of the market that could be poised for a comeback this year.

James Ashley, head of international market strategy at Goldman Sachs Asset Management, also pointed to research showing that these types of companies tend to perform better when inflation is high but falling.

CNBC Pro subscribers can read more here.

– Ganesh Rao

Zions shares fall after earnings

Shares of Zions Bancorp fell more than 2% even as the regional bank beat estimates for fourth-quarter profit. Zions reported $1.84 in earnings per share, above the $1.65 expected by analysts, according to StreetAccount. Net interest income also beat estimates.

However, non-interest income was lower than expected and deposits fell 13% on the year to $71.7 billion.

Shares of Zion gained 2.27% in regular trading on Monday before its earnings were released.

— Jesse Pound

Stocks need to reach this key level to be considered a potential rally, Dawson says

Stocks rose on Monday, but not high enough to be considered a true market rally, according to NewEdge Wealth’s Cameron Dawson.

“We have to go through the most critical level of 4,100,” Dawson said on CNBC’s “Closing bell: Time out” on Monday. That’s because 4,100 is the S&P 500’s 65-day high.

The S&P 500 never reached the key rolling level in 2022 because it was in a downtrend, Dawson said. If the stock breaks this level, it could mean that the rally has the potential to move into another bull market cycle.

Technical indicators and positioning can only take stocks so far, she added, before a fundamental shift is needed to really give stocks momentum.

“We need to see a change in fundamentals to think this rally will continue,” she said.

She warned that gains in stocks are likely to remain limited until the Federal Reserve fully pivots and stimulates the U.S. economy again.

“It is unlikely that we will be able to return to pre-pandemic levels without help from the Fed,” she said.

If stocks manage to rally and break the 65-day high, that would also likely reduce the likelihood that the S&P 500 will retest its October lows, Dawson said.

— Carmen Reinicke

Stock futures open little changed

Futures opened little changed on Monday night after solid gains for the stock during regular trading hours. There were no big earnings reports after the bell to cause big moves in the futures market.

— Jesse Pound

Nasdaq, chip stocks led the way on Monday

Stocks enjoyed a broad rally on Monday. Here are some of the key numbers from the trading session.

  • The Dow gained 254 points, or 0.76%, to close at 33,629.56.
  • The S&P 500 gained 47 points, or 1.19%, to close at 4,019.81.
  • The Nasdaq Composite gained 224 points, or 2.01%, to close at 11,364.41.
  • Nvidia had the biggest impact on the Nasdaq, adding 36 points.
  • The VanEck Semiconductor ETF ( SMH ) rose 4.72% for its best day since Nov. 30.

— Jesse Pound, Christopher Hayes

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