Dow futures rise more than 100 points ahead of the first trading day of August
U.S. stock futures rose in overnight trading on Sunday as investors geared up for the first trading day of August.
Dow futures rose 135 points. S&P 500 futures gained 0.4% and Nasdaq 100 futures added 0.35%.
S&P 500 closes Friday lower as Amazon shares slide, but notches sixth straight positive month
U.S. stocks fell on Friday amid a slide in Amazon shares, but the S&P 500 notched its sixth straight positive month.
The broad equity benchmark fell 0.5% to 4,395.26, dragged down by the consumer discretionary and energy sectors. The tech-heavy Nasdaq Composite slipped 0.7% to 14,672.68. The Dow Jones Industrial Average dipped 149.06 points, or 0.4%, to 34,935.47.
Amazon sank nearly 7.6% after it reported its first quarterly revenue miss in three years and gave weaker guidance. Pinterest fell even further, down 18.2%, after saying it lost monthly users during the three months ended June 30.
The major averages managed to wrap up a solid month, although volatility has picked up amid concerns about the economic recovery in the face of the spreading delta variant. The Nasdaq and Dow added about 1.2% and 1.3% respectively in July, while the broad S&P 500 gained close to 2.3% over the same period. Utilities, health care, real estate and technology stocks have led the S&P 500 higher for the month, while energy and financials have lagged.
Investors digested a key inflation indicator that showed better-than-feared price pressures on Friday. The core personal consumption expenditures price index rose 3.5% in June year over year. It marked a sharp acceleration in inflation, but came in slightly below a Dow Jones expectation of a 3.6% jump.
Weaker-than-expected readings on the U.S. economy further eased concerns about the Federal Reserve dialing back asset purchases.
European shares slip but log sixth straight month of gains
European stocks fell from record highs on Friday as concerns about the fast-spreading Delta variant and regulatory actions in China outweighed optimism around the quarterly earnings season and an economic recovery.
The pan-European STOXX 600 index fell 0.5%, but rose for a sixth straight month in July, its longest winning streak since 2012-13 when it rose for 12 months in a row.
Travel and leisure stocks and miners were the top decliners.
Reference: CNBC, Reuters
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