29 C

Stock futures rise slightly as the market is set to end July with solid gains: Live updates



Traders on the floor of the New York Stock Exchange, Aug. 4, 2022.

Source: NYSE

Stock futures rose slightly on Monday morning as the market is poised to wrap up the month of July with strong gains.

Futures on the Dow Jones Industrial Average inched up 0.5% while S&P 500 futures rose 1%. Nasdaq 100 futures were 0.2% lower.

The S&P is up 3% in July, on pace for its fifth positive month in a row for the first time since its seven-month streak ending August 2021. The tech-heavy Nasdaq Composite has gained 3.8% month to date, also on track for its fifth straight winning month.

The blue-chip Dow is up 3.1% in July. Last week, the 30-stock average posted a 13-day advance that matched the index’s longest streak of gains going back to 1987. 

“This bull market is no longer just a mega-cap story. A new chapter of broadening participation has developed,” said Adam Turnquist, chief technical strategist at LPL Financial. “Relatively resilient economic data in the U.S., receding inflation pressures and expectations for the end of the Federal Reserve’s rate-hiking campaign have underpinned a notable expansion in market breadth since early June.”

The Fed hiked rates to their highest level in more than 22 years after passing a much-anticipated quarter-point hike. Fed Chair Jerome Powell said the central bank will make data-driven decisions on a “meeting-by-meeting” basis.

Investors will shift their focus on the big jobs report this week. Economists polled by Dow Jones expect the U.S. economy to have added 200,000 jobs in July. Nonfarm payrolls increased 209,000 in June.

Source link

Subscribe to our magazine

━ more like this

World Cup 2023: Which record can Shaheen Afridi break during mega event?

Pakistan's ace fast bowler Shaheen Afridi could break another record during the ICC Men's World Cup 2023, slated to kick start on October...

Tammy Beaumont, Harry Brook named PCA Players of the Year

Beaumont, winner of the women's award in 2016, collected the accolade for a second time after a stellar summer in which she broke...

Hitler’s birth house will become a police station to keep neo-Nazis away

Comment on this storyCommentAustria has started work to turn the yellow-brick house where Adolf Hitler was born into a police station, in a...

Overheard on NBA media day: New-look Bucks, LeBron’s understudy and … a green alien?

The 2023-24 NBA season is just weeks away, and as the players and coaches prepare for training camp, our NBA insiders are breaking...

Liverpool predicted lineup vs Union Saint-Gilloise – Europa League

Jurgen Klopp will not be wanting his Liverpool players to dismiss or forget the injustice that occurred at Tottenham on Saturday, but to...