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Stock futures fall slightly to start trading in August with the market having its best month since 2020




Stock futures fell slightly after the market’s best month since 2020 as investors look ahead to another week of key reports and economic data.

Dow Jones Industrial Average futures fell 67 points, or 0.2%. S&P 500 futures fell about 0.2% and Nasdaq 100 futures fell 0.3%.

On Friday, all major indexes rose, posting winning weeks and capping the best month of the year so far and then some. The Dow rose 6.7% in July, while the S&P 500 gained 9.1[ads1]%. The Nasdaq Composite rose 12.4% as investors rushed into the technology stocks that have been beaten the most during this bear market. For each index, the results in July were the best since 2020.

“We’re seeing a relief rally in the stock market as pessimism reached extreme levels and as long-term interest rates have come back down,” said Chris Zaccarelli, chief investment officer of the Independent Advisor Alliance.

“We think the rally will last until later in the summer, but as stock prices rise and it becomes increasingly clear that we are headed for a more typical recession (eg, one with higher unemployment and nominal GDP falling close to zero or negative), have another sale,” he added. “But until then, enjoy the rally, as it’s likely to catch a lot of people off guard.”

This week, investors have more economic data and corporate earnings to digest. On Monday, companies such as Activision Blizzard, Devon Energy, Loews and others report earnings. Later in the week, Uber, Caterpillar, Starbucks, Eli Lilly, Amgen and others also have scheduled reports.

In addition, the wage report from the Bureau of Labor Statistics on Friday will provide more insight into the strong labor market. So far this year, solid job growth has led economists to say the U.S. is not currently in a recession, even with two straight quarters of negative GDP.



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