Traders on the NYSE floor, July 1, 2022.
Share futures inched higher in overnight trading after the major averages ended another week of losses.
Stock futures tied to the Dow Jones Industrial Average rose 18 points, or 0.06%. S&P 500 futures inched up 0.18% and Nasdaq 100 futures gained 0.43%.
The moves come as the market ended one of its worst halves in decades on Thursday, and the major averages posted a fourth weekly decline in five weeks despite modest gains during the session. trading on Friday.
Last week, despite Friday’s modest gains, the Dow fell 1.3%, the S&P 500 fell 2.2% and the Nasdaq fell 4.1%. In Friday’s trading, the Dow Jones Industrial Average added 321.83 points, or 1.1%, to 31,097.26, the S&P 500 added 1.1% to 3,825.33 and the Nasdaq Composite added 0.9 % to 11,127.85.
During this shortened week, investors are looking forward to June jobs report data released on Friday. According to Dow Jones estimates, job growth could slow in June with 250,000 nonfarm payrolls added, down from 390,000 in May. Surveyed economists expect unemployment will stay at 3.6%.
This week’s economic calendar also includes the release of the minutes of the Federal Reserve’s most recent meeting on Wednesday. May factory orders are expected on Tuesday, with earnings from WD-40 and Levi Strauss scheduled for Friday.
“With two consecutive quarters of negative economic growth, the Federal Reserve appears to have strong tightening intent regardless of the economic and market landscape, and signals of a more pronounced slowdown, a season Unexpected earnings gains rather than expected declines could help Quincy Krosby, equity strategist at LPL Financial.