US stock futures moved higher early Monday as investors prepared for the July jobs report, fresh economic data and another busy week of corporate earnings.
Futures linked to the Dow Jones Industrial Average gained 351 points, or 0.67%. S&P 500 futures advanced 0.50%, while Nasdaq-100 futures climbed 0.51%.
Stock futures (Source: Google Finance)
The gains followed a positive session on Friday, when all three major US indexes closed higher and remained near record levels. The Dow rose 276.97 points, or 0.53%, to close at 52,485.03. The S&P 500 gained 0.7% to reach 7,489.72, while the Nasdaq Composite climbed 1% to 25,373.85.
Oil Prices Drop After Trump Cancels Iran Attack
Oil prices fell sharply after President Donald Trump said he canceled a planned attack on Iran. Earlier reports suggested that the US was preparing for another round of strikes as prospects for a negotiated settlement weakened.
West Texas Intermediate crude futures for September delivery dropped 5.48% to $80.03 per barrel. Brent crude futures for October delivery declined 4.3% to $83.98 per barrel.
European Markets Advance While Asia Ends Mixed
European stock markets traded mostly higher on Monday. The Stoxx Europe 600 gained 0.3%, supported by a nearly 2.3% increase in European automobile stocks. Germany’s DAX led the regional gains with a 1.48% advance, while France’s CAC 40 rose almost 1.3%. The UK’s FTSE 100 underperformed by rising only 0.01%.
European market prices (Source: Google Finance)
Markets across the Asia-Pacific region delivered mixed results. South Korea’s Kospi fell more than 5%, surrendering some of Friday’s record-breaking gains. Japan’s Nikkei 225 declined 0.94%, while mainland China’s CSI 300 lost 0.98%.
Australia’s S&P/ASX 200 was one of the region’s stronger performers after closing 0.47% higher.
Jobs Report and Earnings in Focus
Investors are now watching whether the factors that pushed US stocks toward record highs can continue supporting the market.
A busy corporate earnings calendar could provide some more insight into consumer spending, technology demand and economic conditions. McDonald’s, Kraft Heinz, Costco Wholesale and Walt Disney are among the major companies expected to report results this week.
Technology investors will also focus on earnings from Palantir and semiconductor company Advanced Micro Devices.
Labor market data will be another major driver of stock market news throughout the week. Several employment reports are scheduled, culminating in Friday’s monthly jobs report.
