S&P 500 and Nasdaq futures hold near record highs as Wall Street turns bullish

U.S. stock futures held at record highs Monday ahead of a holiday-shortened trading week, as Wall Street questioned whether the bull rally that roared into 2024 had more room to run.

Futures linked to the tech-heavy Nasdaq Composite (^IXIC) gained about 0.1% after the index posted a “perfect” week in Friday's session with its fifth consecutive record close. S&P 500 futures (^GSPC) fell below the flat line, with those for the Dow Jones Industrial Average (^DJI) down about 0.2%.

Stocks continued to climb as a tech-fueled rally led Wall Street to revise its targets for the coming year for the S&P 500. Evercore ISI raised its year-end price target to 6,000 , while Goldman Sachs raised its target to 5,600. The benchmark index surpassed the 5,400 level for the first time last week.

With last week's double dose of inflation reports and the Federal Reserve meeting behind markets, fewer catalysts should greet investors this week. The highlight will be Wednesday's retail sales report, which provides insight into the health of the American consumer.

Fed policymakers will likely resume their chatter after last week's decision. Minneapolis Fed President Neel Kashkari suggested Sunday that a December rate cut could be the only action the Fed takes this year. John Williams of the New York Fed and Patrick Harker of the Philadelphia Fed are scheduled to appear Monday.