U.S. stock futures moved higher on Monday as investors braced for a crucial Federal Reserve meeting this week.
Futures for the Dow Jones Industrials leaped 112 points, or 0.2%, to 46,301.
Futures for the S&P 500 index added 18 at 6,663.
Futures for the NASDAQ gained 48 points, or 0.2%, to 24,040.25.
Tesla shares jumped 7% in the premarket after CEO Elon Musk disclosed an insider purchase of the stock worth about $1 billion, his largest buy in the open market ever and his first significant purchase since 2020.
Traders took the buy as a vote of confidence by Musk in the company, which is attempting to turn its focus towards robotics as electric vehicle competition has intensified.
Nvidia shares were under pressure to start the week after China’s market regulator said Nvidia violated the country’s anti-monopoly law and that it would continue its probe into the chipmaker. The stock traded more than 1.5% lower before the bell.
Those moves come after the major averages finished out a strong week. In particular, the NASDAQ closed at a record, rising 2% for its second winning week in a row.
The S&P 500 gained 1.6%, posting its best weekly performance since early August. The Dow Jones Industrial Average wrapped up its first positive week in three.
On Monday, the Empire State Manufacturing Index is due out. Economists polled by Dow Jones expect a reading of 4.5, sharply lower than the previous reading of 11.9.
In Hong Kong, the Hang Seng gained 0.2%, while markets in Japan were shuttered for holiday.
Oil prices increased 22 cents to $63.91 U.S. a barrel.
Gold prices advanced 40 at $3,676 U.S. per ounce.
