Futures Movers: U.S. stock futures rise after Wall Street’s best week since June

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Despite giving up early-session gains, U.S. stock futures rose Sunday, after Wall Street notched its best week since June.

After initially surging about 300 points, or 1%, Dow Jones Industrial Average futures YM00, +0.20% were last up about 60 points, or 0.2%, on Sunday, while S&P 500 futures ES00, +0.29% and Nasdaq-100 futures NQ00, +0.39% similarly eased off sharp early gains, though were still in positive territory.

The U.S. Dollar Index DXY, +0.16% nudged higher, while the British pound GBPUSD, +0.16% surrendered much of an afternoon rally fueled by the possibility that Rishi Sunak will be Britain’s next prime minister, after Boris Johnson bowed out of the running. Crude prices CL.1, ticked slightly higher Sunday.

On Friday, the Dow Jones Industrial Average DJIA, +2.47%  gained 748.97 points, or 2.5%, to close at 31,082.56. The S&P 500 SPX, +2.37%  climbed 86.97 points, or 2.4%, to finish at 3,752.75, and the Nasdaq Composite COMP, -0.81%  rose 244.87 points, or 2.3%, to end at 10,859.72.

The three major indexes scored their biggest weekly percentage gains since June last week. For the week, the Dow rose 4.9%, the S&P 500 gained 4.7% and the Nasdaq advanced 5.2%.  Yields on 10-year Treasury notes TMUBMUSD10Y, 4.170% ended Friday at 4.228%.

Investors were heartened by reports that the Fed may back off slightly from its aggressive rate-hiking policy later this year.

The upcoming week is the busiest of the third-quarter earnings season, with 165 S&P 500 companies, including 12 Dow components reporting. That includes earnings from Big Tech companies Alphabet GOOGL, +1.16%, Amazon AMZN, +3.53%, Apple AAPL, +2.71%, Meta META, -1.16% and Microsoft MSFT, +2.53%.

This article was originally published by Marketwatch.com. Read the original article here.

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