Dow Futures Edge Higher as Wall Street Gears Up for New Week
US stock futures are trading slightly higher as Wall Street prepares to open the new week following the July 4th long weekend
Quick overview
- US stock futures are slightly higher as Wall Street prepares for the new week after the July 4th holiday.
- The US nonfarm payrolls report showed only 57,000 jobs added, significantly below expectations, impacting Fed rate hike predictions.
- Investors are rotating capital from semiconductor stocks into blue-chip and defensive sectors, with the Dow reaching a record high before the holiday.
- Later today, the market will focus on ISM Services data and FOMC meeting minutes, while Brent crude prices have dropped to near four-month lows.
US stock futures are trading slightly higher as Wall Street prepares to open the new week following the July 4th long weekend. Dow Jones Futures (YM): 53,171.00, up slightly by 0.01% .S&P 500 Futures: 7,566.75, up 0.51% . Nasdaq 100 Futures: 29,973.25, up 1.41%, leading early gains as tech attempts to bounce back from last week’s tech and chip sector profit-taking.
Late last week, the US nonfarm payrolls report came in dramatically weaker than expected, showing just 57,000 jobs added against expectations of 110,000. This cooling labor market has significantly lowered expectations for aggressive Fed moves, providing a macro tailwind for equities.
Sector Rotation: The Dow Jones Industrial Average closed at a fresh record high on Thursday ( 52,900.07 ) before the holiday break. Investors have been actively rotating capital out of highly appreciated semiconductor names and spreading it into blue-chip, defensive, and industrial names.
On the Horizon: Later today, the market will look to the ISM Services data, followed by the release of the FOMC meeting minutes later in the week. Meanwhile, Brent crude dropped to near four-month lows around $71.80 a barrel after OPEC+ agreed to raise production quotas by an additional 188,000 barrels per day for August. Shipping lines also report that transit through the critical Strait of Hormuz is showing signs of steady recovery, easing global supply premium concerns
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
- Read our latest reviews on: Avatrade, Exness, HFM and XM
Related Articles
Sidebar rates
Related Posts
SaveAva
