US stocks faltered on July’s final trading day, ahead of a busy week of earnings from companies such as Amazon and Apple, plus economic data including the monthly jobs report.
The major stock indexes are on track to close July with robust gains, especially the tech-heavy Nasdaq Composite. The S&P 500 and Nasdaq are poised for a fifth straight month of gains, the longest winning streak for both since 2021.
The jobs report, issued on Friday, is expected to show continued strength in the labor market. Economists forecast the economy added 200,000 jobs in July, down from 209,000 in June. The data is likely to have a major impact on investors’ expectations for the Federal Reserve’s next interest rate move.
The indices moved modestly higher. The Nasdaq Composite and S&P 500 were recently in the green, with the Nasdaq leading higher. The S&P 500 was roughly flat.
The technology-heavy Nasdaq is on track to best the Dow by the largest margin ever.
Oil prices on track for the biggest monthly gain in a year. That lifted the S&P 500’s energy sector, the S&P 500’s leading gainer.
Indices in Asia rose. Japan’s Nikkei 225 rose 1.3 per cent. Hong Kong’s Hang Seng rose 0.8%, while the Shanghai Composite rose 0.5%. The Stoxx Europe 600 ended the month up 2%, its second straight monthly gain.
Yen errorl after the BOJ entered the bond market. The currency fell 0.8% to around 142.20 yen per US dollars. The yield on 10-year Japanese government bonds rose to 0.606 per cent.
Monetary policy monitoring: Later this week, the Bank of England is expected to raise interest rates by 0.25 percentage points.
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