Wall Street Futures Dip as S&P 500 Takes a Breather After Record Week
On Monday, U.S. stock futures experienced a decline following last week's peak for the S&P 500. Specifically, Dow futures fell by 108 points (0.2%), S&P 500 futures decreased by 0.17%, and Nasdaq 100 futures were down 0.28%. Meanwhile, E-Mini contracts showed a slight increase, with S&P 500 up 0.11% and Nasdaq 100 up 0.49%, while E-Mini Dow dropped by 0.18%. Positive sentiment from a robust Q2 earnings season was tempered by disappointing retail sales and stable inflation, reducing the chances of a Federal Reserve rate hike next month. Key events this week include the Fed's July policy announcement on Wednesday and earnings reports from Home Depot, Lowe's, Walmart, and Target. Crude oil prices increased by 0.68% to $89.12 amid ongoing conflicts in the Middle East, and the U.S. 10-year Treasury yield stood at 4.689%.
Key facts
- S&P 500 notched a record close last week after three straight weeks of advances.
- Dow futures fell 108 points (0.2%), S&P 500 futures lost 0.17%, Nasdaq 100 futures shed 0.28%.
- E-Mini S&P 500 contracts up 0.11%, E-Mini Nasdaq 100 up 0.49%, E-Mini Dow down 0.18%.
- Strong second-quarter earnings season lifted investor sentiment.
- Weaker retail sales and benign inflation reduced probability of Fed rate increase next month.
- Rory McPherson of Wren Sterling cited shift in interest rate expectations as driver of tech gains.
- Federal Reserve publishes July policy deliberations on Wednesday.
- Home Depot reports Tuesday, Lowe's Wednesday, Walmart and Target later in the week.
- August Empire State manufacturing index and NAHB Housing Market Index are key data releases.
- Brent crude rose 0.68% to $89.12 a barrel.
- Chinese equities rose over 1% despite economic slowdown data; Nikkei also advanced.
- U.S. 10-year Treasury yield stood at 4.689%.
Entities
Institutions
- S&P 500
- Dow Jones Industrial Average
- Nasdaq
- Federal Reserve
- The Wall Street Journal
- Wren Sterling
- CNBC
- Home Depot
- Lowe's
- Walmart
- Target
- Empire State manufacturing index
- NAHB Housing Market Index
- Brent crude
- Nikkei
Locations
- United States
- Tokyo
- Japan
- China
Sources
- Quartz —