U.S. stock-index futures slipped overnight, after Wall Street finished its best month since 2020.
Dow Jones Industrial Average futures
dipped about 150 points, or 0.5%, and S&P 500 futures
and Nasdaq-100 futures
showed similar declines as of midnight Eastern.
The price of West Texas crude
declined by $1.30 a barrel, while bitcoin
and other major cryptocurrencies
slid about 2%.
On Friday, the Dow Jones Industrial Average
gained 315.50 points, or 1%, to close at 32,845.13, notching a third straight day of gains; the S&P 500
climbed 57.86 points, or 1.4%, to 4,130.29, rising for a third consecutive day; and the Nasdaq Composite
rose 228.09 points, or 1.9%, to end at 12,390.69, its third straight day of gains.
For the week, the Dow gained 3%, the S&P 500 rose 4.3% and the tech-heavy Nasdaq advanced 4.7%. For July, the Dow advanced 6.7%, the S&P 500 jumped 9.1% and the Nasdaq surged 12.3%, according to Dow Jones Market Data. It was the best monthly results for the Dow and S&P 500 since November 2020, and the Nasdaq’s best month since April 2020.
“Dovish messaging from the FOMC and better-than-feared corporate earnings have supported equities,” Stephen Innes, managing partner at SPI Asset Management, said in a note Sunday. “At best, earnings beats have been average, but the lack of fireworks means boring is beautiful.”
“With slowdown fears dominating and the deceleration in market-implied inflation trends looking increasingly optimistic, investors were broadening their risk-taking appetites,” Innes wrote. “But investors may pause from chasing the current trend, stock higher, and yields lower, ahead of the ISM and nonfarm payroll data this week.”
After a week of quarterly earnings reports from Big Tech companies, the upcoming week features earnings from a wide range of smaller but still significant companies, including Robinhood Markets Inc.
Uber Technologies Inc.
Activision Blizzard Inc.
Expedia Group Inc.
and Advanced Micro Devices Inc.
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