Stock futures rose on Monday morning, following the S&P 500’s third straight weekly gain as investors turned their attention to a key inflation report this week.
Futures for the Dow Jones industrial average rose 139 points, or 0.4%. S&P 500 futures and Nasdaq 100 futures advanced 0.5% and 0.6%, respectively.
The S&P 500 and Nasdaq Composite posted surprisingly strong monthly gains on Monday, following weekly gains. Statement of work Some eased recession fears. The firm labor market also indicated that the economy could withstand more rate hikes from the Federal Reserve.
“The stock market rally since June 16 appears to have legs in our view based on last Friday’s economic data and earnings results,” Oppenheimer chief investment strategist John Stoltzfuss said in a note to clients.
Some acquired clean energy-related stocks After the Senate passed a $430 billion climate bill, the anti-inflation bill, is expected to pass the House later this week. The Invesco Solar ETF was up 1.7% in early trade.
A new reading for 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 high probability An increase of 0.75 percentage points Next month, it will be the third consecutive increase in that amount.
Headline CPI, which includes energy and food, is expected to fall to 8.7% in July, down from 9.1% in June, according to Dow Jones estimates.