June Begins with Modest Gains in S&P 500 and Nasdaq Futures

S&P 500 futures contracts saw a 0.2% increase, with Nasdaq 100 futures climbing 0.5%, while Dow Jones futures remained relatively stable as June began, following strong gains in May. Expectations regarding the Federal Reserve's potential rate cut are at the forefront this week, along with significant economic data releases including the jobs report, JOLTS, and ISM PMIs. In corporate news, Nvidia surged approximately 3% in premarket trading, and Advanced Micro Devices saw a 1.7% rise after both companies unveiled their next-generation AI chips. Microsoft, Apple, Meta, and Alphabet also experienced modest gains of nearly 0.3%, while Amazon's performance remained largely unchanged. GameStop also witnessed a notable surge of over 77% before the opening bell, with speculation that the Reddit account associated with the 2021 meme-stock frenzy may have a substantial stake in the game retailer.

Ending Friday with a strong rebound, the Nasdaq began the new week with a bullish start. If the upward momentum continues, the level of 18,800 could serve as the initial resistance to monitor, with potential further resistance levels at 19,000 and 19,200 if breached. In case of a downturn, 18,540 is likely to act as the first support level, followed by 18,250 and 18,080 below that.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
19,200	19,000	18,800	18,540	18,250	18,080