Traders on the floor of the NYSE, July 1, 2022.
Equity futures were flat in overnight trading after the major averages ended another losing week.
Stock futures linked to the Dow Jones Industrial Average slipped 30 points or 0.11%. S&P 500 futures fell 0.08% and Nasdaq 100 futures fell 0.04%.
The moves come as markets ended one of the worst halves in decades on Thursday, and major averages posted their fourth week of losses in five despite modest gains in Friday’s trading session.
Last week, despite modest gains on Friday, the Dow Jones fell 1.3%, the S&P 500 fell 2.2% and the Nasdaq 4.1%. During Friday’s trading session, the Dow Jones Industrial Average added 321.83 points, or 1.1%, to 31,097.26, the S&P 500 gained 1.1% to 3,825.33 and the Nasdaq Composite edged up 0.9% to 11,127.85.
In this shortened holiday week, investors are eagerly awaiting the release of data from the June jobs report on Friday. According to Dow Jones estimates, job growth likely slowed in June with the addition of 250,000 non-farm payrolls, compared to 390,000 in May. Economists surveyed expect the jobless rate to hold steady at 3.6%.
This week’s economic calendar also includes Wednesday’s release of the minutes of the Federal Reserve’s latest meeting. May factory orders are due Tuesday, with revenue from WD-40 and Levi Strauss due Friday.
“With two consecutive quarters of negative economic growth, a Federal Reserve seemingly determined to aggressively tighten regardless of the economic and market backdrop, and signals of a deeper slowdown, an earnings season that surprises on the upside rather than ‘on the expected downside, could help restore some semblance of stability to the markets,’ said Quincy Krosby, chief equity strategist at LPL Financial.