The S&P500 Futures Nudge Higher As Risk Appetite Sticks

The S&P500 Futures (CME: ES) closed a third consecutive week in the green, taking the index within its nine-month high. Risk appetite has driven stocks higher, with tech giants taking the lead. According to Refinitiv, in the seven days to May 31, $1.08B flowed into tech stocks, making it a fourth consecutive week of net buying.

Helping boost the index from a fundamental perspective was a moderating U.S. economy that showed some signs of cooling in the manufacturing and services sectors. Traders are now pricing a 77% chance of a Fed rate pause in the upcoming meeting as cooling in the economy likely calls for a less restrictive monetary approach.

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