Stock futures fall after the S&P 500’s third winning week in a row

Stock futures fall after the S&P 500’s third winning week in a row, #Stock #futures #dip #500s #winning #week #row Welcome to OLASMEDIA TV NEWSThis is what we have for you today:

Traders on the floor of the NYSE, August 4, 2022.

Source: NYSE

Stock futures traded slightly lower in overnight trading Sunday, following the S&P 500’s third consecutive weekly gain, as investors turned their attention to a major inflation report this week.

Futures on the Dow Jones Industrial Average fell 70 points. S&P 500 futures and Nasdaq 100 futures both fell 0.3%.

The overnight move followed weekly gains for the S&P 500 and the Nasdaq Composite, as a surprisingly strong monthly jobs report eased fears of a recession. The resilient labor market also indicated that the economy could weather more interest rate hikes from the Federal Reserve.

A new reading of the consumer price index, to be released on Wednesday, will provide investors with more clarity on the central bank’s next move at its policy meeting in September. Traders are now counting on a greater chance of a 0.75 percentage point gain next month, which would be the third consecutive gain of that magnitude.

“The surge in the labor market last month should further bolster the claim that the US is not currently in a recession,” said Jeffrey Roach, chief economist at LPL Financial. “The big gains in jobs came as a surprise and convinced people… that the economy needs another 75 basis point hike at the next Fed meeting. All eyes are now on inflation.”

According to Dow Jones, the CPI, which includes energy and food, is expected to fall to 8.7% in July, from a 40-year high of 9.1% in June.

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