U.S. stock futures slip after Wall Street’s best week since 2020

0
10

U.S. stock-index futures slipped Sunday, after Wall Street finished its best month since 2020.

Dow Jones Industrial Average futures YM00, -0.38% dipped about 110 points, or 0.3%, and S&P 500 futures ES00, -0.37% and Nasdaq-100 futures NQ00, -0.37% showed similar declines as of 9:30 p.m. Eastern.

The price of West Texas crude CL.1, -1.47% declined by $1.30 a barrel, while bitcoin BTCUSD, -1.63% and other major cryptocurrencies ETHUSD, -1.35% slid about 2%.

On Friday, the Dow Jones Industrial Average DJIA, +0.97%  gained 315.50 points, or 1%, to close at 32,845.13, notching a third straight day of gains; the S&P 500  SPX, +1.42%  climbed 57.86 points, or 1.4%, to 4,130.29, rising for a third consecutive day; and the Nasdaq Composite COMP, +1.88%  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. HOOD, -0.66%, Uber Technologies Inc. UBER, +0.60%, Activision Blizzard Inc. ATVI, +0.55%, Expedia Group Inc. EXPE, +0.70% and Advanced Micro Devices Inc. AMD, +3.05%.

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

Previous articleFutures Movers: U.S. stock futures slip after Wall Street’s best week since 2020
Next articleWhat’s Worth Streaming: Why Disney+ and Hulu are all you really need to stream in August 2022 (sorry, dragons)

LEAVE A REPLY

Please enter your comment!
Please enter your name here