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Stock futures are flat after the S&P 500’s third straight winning week

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

Source: NYSE

Stock futures were flat in overnight trading on Sunday, following the S&P 500’s third consecutive weekly gain, as investors focused on a key inflation report this week.

Dow Jones Industrial Average futures fell 40 points. S&P 500 and Nasdaq 100 futures both fell 0.1%.

The overnight action followed a weekly gain for the S&P 500 and Nasdaq Composite as a surprisingly strong monthly jobs report eased some recession fears. The resilience of the labor market also signaled that the economy could withstand further rate hikes from the Federal Reserve.

A new reading of the consumer price index, due out on Wednesday, will give investors more clarity on the central bank’s next move at its policy meeting in September. Traders are now pricing in a higher probability of a 0.75 percentage point rise next month, which would be the third consecutive rise of this magnitude.

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

The headline 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, according to Dow Jones.

Sources

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2/ https://www.cnbc.com/2022/08/07/stock-market-news-futures-open-to-close.html

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