Stock futures dipped as investors prepare for another week of major earnings releases as well as key economic data.
Futures on the Dow Jones Industrial Average (DJIA) gained 0.21%, while those on the S&P 500 (SPX) moved 0.60% higher, as of 7.46 a.m. EST, Friday. Meanwhile, the Nasdaq 100 (NDX) futures significantly advanced by 0.89%.
On Friday, the market closed the best month since 2020. The S&P 500, the Dow, and the Nasdaq 100 closed the regular trading hours 1.42%, 0.97%, and 1.81% higher, respectively. For the month of July, the S&P 500 advanced 9.1%, the Dow gained 6.37%, and the Nasdaq 100 added almost 12%.
Despite the relief rally, the truth still remains that the economy is headed for a recession.
This week, blue-chips such as Activision Blizzard (ATVI), Uber (UBER), and Caterpillar (CAT) are expected to report their quarterly earnings. Also, energy players like Devon Energy (DVN), Loews (L), and others are set to release their earnings reports later on Monday.
Additionally, nonfarm payrolls report from the Bureau of Labor Statistics is due out on Friday this week. This data will provide a clearer understanding of how the labor market is holding up. Interestingly, the labor market of the U.S. has managed to defy all odds this year thus far, easing the worries of economists slightly amid two consecutive quarters of economic contraction.
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