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Inventory futures are flat as S&P 500 and Nasdaq sit at a document

Stock futures are flat as S&P 500 and Nasdaq sit at a record

A trader works on the floor of the New York Stock Exchange (NYSE) in New York, USA on Monday, August 23, 2021.

Michael Nagel | Bloomberg | Getty Images

US stock futures remained stable in overnight trading on Sunday as investors prepared for the final days of trading in August.

Dow futures only rose 11 points. S&P 500 futures were little changed and Nasdaq 100 futures traded around the flatline.

Stocks could stay in a range until the August job report released on Friday. Economists polled by Dow Jones estimate that 750,000 jobs were created in August and the unemployment rate has fallen to 5.2%.

Monday and Tuesday mark the last two trading days in August. So far, the S&P 500 is up 2.6% in August. The Dow Jones Industrial Average and Nasdaq Composite rose 1.5% and 3.1% respectively that month.

The S&P 500 and Nasdaq Composite closed at all-time highs on Friday as investors breathed a sigh of relief after Fed chairman Jerome Powell signaled that bonds could expire this year, but the central bank is in no rush to lock rates raise.

Powell said inflation is solidly around the central bank’s 2% target rate, one of the targets of the Fed’s dual mandate; However, the Fed chairman also explained why he continues to believe that the current rise in inflation is temporary and will eventually decline to target levels.

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Based on statements from other Fed officials, the announcement could be cut back at the Fed’s September 21-22 meeting. Powell said the central bank had “a lot of ground to overcome” in order to achieve its other goal of maximum employment.

Friday’s gains contributed to a strong week for major averages. The Dow closed 0.9% while the S&P 500 added 1.5% and the Nasdaq Composite rose 2.8% last week.

With the Fed’s meeting in Jackson Hole looking back, investors are now focusing on the performance of stocks for the final months of the year. The S&P 500 is up more than 20% in 2021, but the market is also absorbing top policy momentum, top profit accelerations, and top reopening momentum.

Oil futures rose slightly as the commodity reacted only minimally to Hurricane Ida. WTI crude oil futures rose 0.8%.

Cloudera and Zoom Video will report earnings after the bell on Monday.

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S&P 500 futures are flat close to report ranges forward of Fed summit

S&P 500 futures are flat near record levels ahead of Fed summit

A trader works on the New York Stock Exchange (NYSE) in New York on August 20, 2021.

Andrew Kelly | Reuters

S&P 500 futures were lower Thursday after the benchmark surged above 4,500 for the first time in the previous session and ahead of the Federal Reserve’s annual symposium on Friday.

S&P 500 futures lost 0.02% and Nasdaq 100 futures lost 0.1%. The Dow Jones Industrial average futures were unchanged.

The weekly initial jobless claims totaled 353,000 as expected, the Department of Labor reported Thursday morning. Economists polled by Dow Jones expected 350,000 Americans to register as unemployed last week, compared with 348,000 the previous week.

Economic growth in the second quarter was 6.6% according to the second estimate by the Department of Commerce on Thursday. This was a slight upward correction from the previously reported annual increase of 6.5%.

The Federal Reserve’s much-anticipated Jackson Hole Symposium will be held virtually on Friday this year, with many central bank speakers expected to make remarks to the media starting Thursday. At the event, central bankers could share their plan to curb monetary stimulus.

Esther George, president of the Kansas City Fed, told CNBC Thursday morning that “given the progress we’ve seen,” a Fed throttling is “appropriate”, although she did not specify when she thought it should begin.

“If you look at the job growth last month, the month before, if you look at the current level of inflation, I would think that the level of housing we are currently offering is probably not needed in this scenario,” she said “So I would be ready to talk about tapers sooner rather than later.”

Salesforce shares rose 2% in pre-trading hours after the software giant released second-quarter results and forecasts that beat analysts’ estimates. Ulta Beauty increased 5% due to strong results.

Zoom Video’s shares rose more than 2% after Morgan Stanley upgraded the stock and forecast an 18% uptrend.

On Wednesday, the S&P 500 gained 0.22% to close on a record, led by stocks that are benefiting from the economic reopening such as airlines, cruise lines and financial companies. The 500-share average broke above 4,500 for the first time on Wednesday, but closed below that level. The benchmark is up 105% from its pandemic low.

The Nasdaq Composite rose 0.15% and also hit a record close. The Dow Jones Industrial Average rose 39 points.

“While we continue to believe in the secular bull market for US stocks, we have proposed some cash in the face of lower highs (including bearish divergences) on a variety of indicators, weaker August and October seasonality, and the transition of the presidential cycle into its weakest phase in US stocks and declining signals from margin debt, “wrote Stephen Suttmeier, Technical Research Strategist at Bank of America.

The benchmark 10-year government bond yield rose as high as 1.352% on Wednesday as worries about slowing growth in the Delta variant eased, reaching its highest level since the beginning of the month when it returned as high as 1.364%.

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“The yield on 10-year government bonds has continued to rise in the last few days and has exploded in [Wednesday’s] act and send a strong message that the US Delta variant of Covid may be peaking, which should build confidence, resume economic reopening and stimulate investment flows towards small caps and cyclical stocks, “said Jim Paulsen, Chief Investment Strategist at the Leuthold Group.

Chairman Jerome Powell will make remarks at the Fed summit on Friday. In response to the pandemic, the Federal Reserve has bought at least $ 120 billion a month in bonds to curb longer-term interest rates and stimulate economic growth.

“Expect investors to keep an eye on the Fed symposium for the remainder of this week for comments on the rate hike or the timing of rate hikes,” Paulsen said. “Either unexpected comments from the Fed or a failure or success in scaling up to 4500 could add additional volatility to the equity and bond markets.”

Several companies reported quarterly earnings on Thursday, including Dell Technologies, Gap, HP and Abercrombie & Fitch.

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Dow futures drop 300 factors on concern concerning the Fed eradicating stimulus

Dow futures drop 300 points on concern about the Fed removing stimulus

Traders work on the trading floor of the New York Stock Exchange (NYSE) in Manhattan, New York City, USA, 17 August 2021.

Andrew Kelly | Reuters

Stock futures fell sharply on Thursday as concerns increased that the Federal Reserve might remove incentives this year, which could curb an economy hurt by the spread of the Covid Delta variant.

Futures on the Dow Jones Industrial Average fell 361 points, or 1%. The Dow was down 380 points on Wednesday as the release of minutes of the Fed’s July meeting showed the central bank had begun to cut its monthly bond purchases by $ 120 billion before the end of the year.

S&P 500 futures lost 0.9% and Nasdaq 100 futures lost 0.7%.

“The minutes reflect a Fed poised to accelerate its tapering schedule into perhaps the next few months,” said Sean Bandazian, investment analyst at Cornerstone Wealth. “Both the Fed and the market participants have learned from the taper tantrum. Although we expect fewer surprises this time around, there is still reason to believe that we will experience volatility in all areas of the market with high interest rate sensitivity.”

WTI crude fell more than 3% to around $ 63 and copper lost more than 3% on worries about global growth without the Fed’s bond buying support. The 10-year government bond yield fell more than 4 basis points to 1.23%. (1 basis point corresponds to 0.01%.)

Goldman Sachs cut its economic growth forecast for the current quarter from 9% on Wednesday evening to 5.5%, adding to the negative sentiment. The company also sees higher-than-expected inflation for the rest of the year.

“The influence of the delta variant on growth and inflation is proving to be somewhat greater than we expected,” wrote Jan Hatzius, chief economist at Goldman Sachs, in the press release. “Spending on restaurants, travel and some other services is likely to decline in August, although we expect the decline to be modest and brief. Manufacturing is still suffering from supply chain disruptions, particularly in the auto industry, and this will likely mean less inventory build-up in Q3. “

Before the trading session, stocks closely related to the economy led to price losses. The steel manufacturer Nucor lost more than 3%. Oil companies Devon Energy and Occidental Petroleum lost around 3% and 4% respectively. Bergmann Freeport-McMoRan fell around 4%. General Motors lost about 2%. Reopening games like airlines and hotels were also lower.

The Fed’s central bankers planned at their July meeting to slow the pace of their monthly bond purchases, likely before the end of 2021, the minutes released on Wednesday afternoon show.

“Looking to the future, most participants noted that they believed it might be appropriate to start slowing asset purchases this year, provided the economy performs as expected,” the minutes read .

The Dow fell more than 1% on Wednesday for its worst performance in a month.

Robinhood stock fell 9% in pre-trading after its first earnings report as a publicly traded company. The app warned investors that a slowdown in trading could hurt third quarter results.

“For the three months ending September 30, 2021, we expect seasonal headwinds and lower trading activity across the industry to result in lower revenues and significantly fewer refinanced accounts than in the previous quarter,” the company said in the earnings release.

Nvidia stock bucked trend, rising more than 1% in pre-IPO trading after the chip giant’s quarterly earnings and revenue surpassed Wall Street estimates amid strong graphics card sales.

Investors will be monitoring new data on unemployment claims Thursday morning. Economists polled by Dow Jones expect a total of 365,000 for the week ending August 14, slightly less than the previous week’s total of 375,000.

From the week to Wednesday, the Dow and S&P 500 were each down 1.5%. The Nasdaq Composite is 2% lower.

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Inventory futures are flat after Dow closes at file Friday

Stock futures are flat after Dow closes at record Friday

A trader works on the trading floor at the New York Stock Exchange (NYSE) in New York, August 5, 2021.

Andrew Kelly | Reuters

Stock futures were flat in overnight trading Sunday after the Dow Jones Industrial Average notched a record close Friday following a stronger-than-expected jobs report.

Futures on the Dow added 2 points, or 0.01%. S&P 500 futures edged 0.06% lower and Nasdaq 100 futures dipped 0.13%.

U.S. senators reconvened Sunday to work toward the passage of a $1 trillion infrastructure bill, a top political priority of President Joe Biden. The Senate is slated to hold another key procedural vote late Sunday and vote on final passage Tuesday. The bipartisan package is expected to have sufficient Republican support to pass in the Senate and move to the House for consideration in September.

The moves in futures trading came after the Dow rose 144.26 points, or 0.4%, to close at an all-time high of 35,208.51. The S&P 500 rose 0.17% to reach its own record close of 4,436.52. The Nasdaq Composite bucked the trend, dipping 0.4% to 14,835.76. All three major indexes ended the week higher and saw their second positive week in three.

The Labor Department jobs report Friday showed the U.S. economy added 943,000 jobs in July. Economists expected 845,000 new jobs last month, according to Dow Jones estimates. The unemployment rate dropped to 5.4%, below the expectation of 5.7%.

“You saw a lot more jobs being created in those areas that are reopening — restaurants, hotels, logistics, transportation,” Raymond James Chief Investment Officer Larry Adam said. “That’s a good sign. I think that puts more spending power behind the consumer going forward and I think that that’s ultimately a good thing for the economy.”

The signs of a strong economic recovery could prompt the Federal Reserve to pull back its monetary support measures and prepare to begin tapering its bond-buying program.

“If it does continue to this magnitude, that probably does bring the Fed a little sooner into the game when it comes to tapering,” Adam said.

The yield on the benchmark 10-year Treasury note jumped as high as 1.3% after the better-than-expected jobs report. The 10-year yield this summer has pulled back significantly from its highs in March, when it neared 1.8%.

The financial sector led gains Friday as rates edged up, increasing banks’ profitability prospects. Industrials, retailers and energy stocks also moved higher as the strong jobs report eased concerns about the economic recovery.

Meanwhile, technology stocks retreated after the jump in rates. Rising rates discount the value of future earnings and therefore can hit growth stocks like technology names particularly hard.

Investors are awaiting key inflation data scheduled for release this week. The consumer price index and the producer price index are scheduled to come out Wednesday and Thursday, respectively.

Several Fed officials are scheduled for speaking appearances in the week ahead, with investors listening with a close ear for insights into the central bank’s tapering decision making. Atlanta Fed President Raphael Bostic, Richmond Fed President Thomas Barkin, Chicago Fed President Charles Evans and Kansas City Fed President Esther George are all set to speak this week.

Companies including Tyson Foods, AMC Entertainment, Coinbase, Lordstown Motors, Bumble, Palantir, Disney, Airbnb and DoorDash are set to report quarterly earnings this week.

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Inventory futures rebound as buyers await extra jobs knowledge

Stock futures rebound as investors await more jobs data

Futures contracts tied to the major U.S. equity indexes were mildly higher Thursday morning as Wall Street looked to improve upon a mixed week.

Dow futures rose 49 points, or 0.1%. S&P 500 futures and Nasdaq 100 futures also added about 0.2%.

The moves in the futures markets came after a mostly lower regular session on Wednesday.

The Dow Jones Industrial Average shed 323.73 points, or 0.9%, and closed near its session low at 34,792.67. The S&P 500 slipped about 0.5% to finish at 4,402.66, while the Nasdaq Composite ticked up 0.1% to 14,780.53.

On Thursday investors will receive yet another update on the U.S. employment situation with the Labor Department’s latest weekly update to initial jobless claims. Recent earnings and economic data have been strong overall, but some economists worry economic growth and employment gains will taper from here.

“Many factors are likely driving worker shortages; concerns about catching the virus, childcare responsibilities, skills mismatches, and generous unemployment insurance benefits,” PNC Senior Economist Abbey Omodunbi said in an email. In the second half of the year, “more competition for workers, particularly in the leisure and hospitality sector, will support acceleration in wage growth, boosting household incomes and consumer spending.”

The results of an ADP private payroll survey released Wednesday showed a gain of 330,000 jobs for July, well short of the consensus estimate of 653,000. The Labor Department’s official jobs report, which typically has more impact on investors, will be released on Friday. Economists expect the report will show the U.S. added 845,000 in non-farm payrolls in July, about even with the previous month, according to Dow Jones estimates.

The 10-year Treasury yield was trading flat near 1.18% on Thursday after briefly dipping below 1.13% on Wednesday.

Shares of Roku and Uber dropped after each issued quarterly earnings results. Etsy fell 12% in premarket trading after the company gave guidance for the current quarter that indicated the pandemic-fueled commerce boom may be coming to an end. Uber was off by 3% in premarket trading.

During regular trading Wednesday, shares of Robinhood surged 50%, continuing a volatile jump after last week’s soft initial public offering. Semiconductor stocks were another bright spot, with Nvidia and Advanced Micro Devices rising.

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Inventory futures rise to kick off August buying and selling after S&P notches sixth-straight profitable month

Stock futures rise to kick off August trading after S&P notches sixth-straight winning month

U.S. stock futures rose on Monday as investors geared up for the first trading day of August.

Dow Jones Industrial average futures rose 93 points, or 0.3%. S&P 500 futures gained 0.4% and Nasdaq 100 futures added 0.5%. The S&P 500 and the Dow sit less than 1% from new all-time highs.

Stocks continued to shake off concerns about the delta variant of Covid, and stocks that would benefit the most from a continued economic recovery led the gains in premarket trading Monday.

Shares of Carnival Corp. were up 3% in premarket trading. Major banks including Morgan Stanley and Bank of America were higher. Airline shares were mostly higher.

“We believe the reopening and recovery trend is on track and continue to see upside for equities,” wrote Mark Haefele, chief investment officer of global wealth management at UBS. “We expect the S&P 500 to climb to around 4,650 by June next year, versus 4,395 at present. But we see the greatest upside for cyclical parts of the market, including energy, financials, and Japanese stocks.”

The Senate was finalizing the text of a bipartisan infrastructure bill, also bolstering optimism on Monday. The bill includes $550 billion in new spending over five years. That’s on top of previously approved funds of around $450 billion.

Caterpillar shares added 1% in premarket trading.

The S&P 500 managed to notch its sixth month of gains in July, although volatility increased amid concerns about the economic recovery in the face of the spreading delta Covid variant. It’s the best monthly winning streak for the benchmark since 2018. The Nasdaq Composite and Dow Jones Industrial Average added about 1.2% and 1.3%, respectively, in July, while the broad S&P 500 gained close to 2.3% last month.

The U.S. is averaging more than 72,000 new Covid cases a day the last 7 days, according to the latest CDC shows, levels not seen since February this year. However, stocks still traded near all-time highs last week even as concerns about the delta variant grew.

“At the end of the day, the stock market is driven by two things: 1) Earnings and 2) Multiples and until COVID (or China) begins to negatively impact one or both of those metrics, stocks can stay resilient,’ Tom Essaye, founder of Sevens Report, said in a note.

Concerns about inflation also plagued the market, however a key inflation indicator showed lesser-than-feared price pressures on Friday. The core personal consumption expenditures price index rose 3.5% in June year-over-year. It marked a sharp acceleration in inflation, but came in slightly below a Dow Jones forecast of a 3.6% jump.

Also on Friday, U.S. second-quarter gross domestic product accelerated 6.5% on an annualized basis, considerably less than the 8.4% rate of growth expected by economists polled by Dow Jones.

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On the earnings front, Amazon sank nearly 7.6% Friday after the tech giant reported its first quarterly revenue miss in three years and gave weaker guidance. 

But an overall strong earnings season continues to be a tailwind for the market. So far, 88% of S&P 500 companies that have reported have topped EPS estimates, according to FactSet. For the second quarter, the S&P 500 is on track to post earnings growth of 85.1%, which would be the best growth rate since 2009, according to FactSet.

The first trading day of August comes with more big earnings on the way. Lyft, Amgen, Uber, CVS Health, General Motors, Roku and Square all report quarterly results this week.

Square shares sank in premarket trading after Jack Dorsey’s payment company announced a $29 billion all-stock deal to buy Australian installment loan provider Afterpay. Square was off by 4%.

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Dow futures up 100 factors after Fed retains rates of interest close to zero

Stock futures mixed ahead of major corporate earnings

US stock futures were mixed in trading Thursday morning after the Federal Reserve closed its two-day meeting of the Federal Reserve Open Market Committee by taking no action to buy assets.

Dow Jones Industrial Average futures gained 142 points. Meanwhile, S&P 500 futures hovered above the flatline and Nasdaq 100 futures traded slightly in negative territory.

PayPal and Facebook fell 5% and 3% respectively in after-hours trading after warning of a significant growth slowdown as they reported quarterly earnings.

Meanwhile, Ford’s shares rose nearly 4% after raising its outlook for 2021, saying it is selling more cars that are more expensive, despite missing analysts’ earnings estimates.

The moves in futures came after Fed chairman Jerome Powell warned in a press conference that while the economy is making progress towards its goals, there is still a way to go before the central bank would actually adjust its loose policy . Government bond yields rose slightly in anticipation of the announcement but fell slightly following Powell’s comments.

“We still have some work to do on the job side,” said Powell. “I think we are still a long way from having made significant progress towards the maximum employment target. I would like some strong employment figures.”

In regular trading, the Dow Jones Industrial Average fell 127.59 points, or nearly 0.4%, to 34,930.93 points. The S&P 500 ended the session little changed at 4,400.64. The Nasdaq Composite climbed 0.7% to 14,762.58.

“The market understood that we had a bad quarter here compared to last year,” said Michael Reynolds, vice president of investment strategy at Glenmede. “What is far more important this season are the forecasts we get for the quarters ahead as the economy adjusts to the new normal.”

Key averages are on track to end the month higher, with the S&P up 2.4% for July. The Nasdaq Composite and the Dow were up 1.8% and 1.2%, respectively.

Amazon, Pinterest and Anheuser-Busch will report their results on Thursday. Dealers will also keep an eye on the latest metrics on initial jobless claims and upcoming home sales.

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Inventory futures maintain regular forward of an enormous week of Large Tech earnings

Stock futures hold steady ahead of a huge week of Big Tech earnings

Traders working on the New York Stock Exchange (NYSE) today, Wednesday, April 21, 2021.

Source: NYSE

Stock futures opened little changed after major averages closed the previous session with record closing highs and a busy week ago with earnings reports from the tech’s biggest hits.

The Dow Jones Industrial Average was down 5 points, or 0.01%. S&P 500 and Nasdaq 100 futures were down 0.03% and 0.01%, respectively.

In the previous session, the Dow rose 238.20 points, or 0.68%, to 35,061.55. The S&P 500 gained 1.01% to 4,411.79 and the Nasdaq Composite rose 1.04% to 14,836.99.

All three major averages closed at record highs last week after markets slumped earlier in the week on concerns about the spread of the Delta variant of Covid and the potential hindrance to economic recovery. Uncertainty caused bond yields to decline briefly and investors moved into tech stocks. Both bonds and stocks rallied quickly by the end of the week.

Tech stocks rose last week on better-than-expected earnings reports for the second quarter as well as the continued proliferation of the Delta variant. Twitter and Snap both rose Thursday after better-than-expected earnings reports for the second quarter. Twitter finished 3% higher on Friday while Snap shot up 24%.

One of the busiest weeks with results reports is on deck next week, and Tesla is kicking off after the closing bell. Last week, CEO Elon Musk said the automaker would likely accept bitcoin for vehicle purchases again.

Big tech giants Apple, Alphabet and Microsoft will be reporting on Tuesday, and Google, Facebook and Amazon will be reporting later in the week as well.

Investors will follow the Fed’s two-day monetary policy meeting starting Tuesday. The Federal Reserve Open Market Committee and Board of Governors are expected to issue a policy statement on Wednesday. On Thursday the Ministry of Commerce will publish the GDP data for the second quarter.

On Monday morning, the US Department of Housing and Urban Development will release new data on home sales and the Federal Reserve Bank of Dallas will release its monthly business activity index for Texas manufacturing.

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Inventory futures are flat after market sell-off

Stock futures are flat after market sell-off

Traders on the floor of the New York Stock Exchange.

Source: NYSE

Stock futures were flat in overnight trading on Thursday after major indices fell on concerns over slowing economic growth.

Futures on the Dow Jones Industrial Average lost 25 points, or 0.07%. S&P 500 futures and Nasdaq futures were each down 0.10%.

Thursday’s losses came as the spread of the highly contagious Delta-Covid variant also fueled concerns over the global economic recovery. The Olympics announced a ban on spectators for the Tokyo Summer Games when Japan declared a state of emergency to curb the spread of the coronavirus.

The Dow closed Thursday’s regular session 259.86 points, or 0.75% lower. The S&P 500 lost 0.86% while the Nasdaq broke its four-day winning streak, down 0.72%.

All three major averages are on track to close lower for the week.

Stocks of companies tied to the economic comeback weighed on the market on Thursday. Large cruise lines, airlines, and home improvement stocks plummeted. Chip stocks also fell, and big tech names fell after rising in previous sessions.

“[T]The market continues to consider what to do after spikes in growth and the Fed will turn the tap (which has not necessarily happened yet) and ahead of a profitable season in Q221 starting next Tuesday, “Goldman Sachs’ Chris Hussey said in a statement on Thursday .

The latest unemployment claims report, released Thursday, also indicated a potential slowdown in the labor sector as first-time applicants for unemployment benefits unexpectedly rose to 373,000 in the week ending July 3. According to the Dow Jones, economists wanted 350,000 initial applications.

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Inventory futures drop after S&P 500, Nasdaq notch recent data

Stock futures drop after S&P 500, Nasdaq notch fresh records

People walk by the New York Stock Exchange on April 15, 2021 in New York City.

Spencer Platt | Getty Images

Futures contracts tied to the major U.S. stock indexes fell in early morning trading Thursday after both the S&P 500 and Nasdaq Composite closed at records.

Dow futures dropped 369 points. Contracts tied to the S&P 500 and Nasdaq 100 were both in negative territory.

The moves in futures came after a positive regular session for U.S. markets on Wednesday.

The S&P 500 rose 0.3% to an all-time high of 4,358.13, while the Dow Jones Industrial Average advanced 104.42 points to 34,681.79. The technology-heavy Nasdaq Composite closed just above its own flatline to eke out a record close.

Popular internet and technology stocks again outperformed the broader market on Wednesday as investors bought equity in companies that prioritize growth instead of the reopening names in the energy and retail sectors that proved popular in the first half of the year.

Apple, Microsoft and Amazon — up 1.8%, 0.8% and 0.5% on Wednesday — are each up by double-digits over the last month. While traders have cited several reasons for the shift back into Big Tech, most mention a marked decline in bond yields when discussing the move.

The downshift in the benchmark 10-year Treasury note yield continued Wednesday, when the rate fell to 1.296%, its lowest level since February. Higher yields reduce the value of future earnings relative to current earnings, meaning that the appetite for growth stocks tends to rise when rates fall.

“The 40 basis point decline in the yield on the benchmark 10-year Treasury note since late-March suggests that the global grab for yield remains a potent force, despite the Fed’s desire to let the economy run hot,” Steven Ricchiuto, U.S. chief economist at Mizuho Securities, wrote on Tuesday.

“A stronger currency, increased virus concerns oversea, and the associated demand for long-term Treasury notes and bonds implies reduced inflation expectations and increased risk of importing global deflation,” he added.

Looking ahead to Thursday’s session, investors will pore over the Labor Department’s latest jobless claims figures. The weekly update offers Wall Street regular insight into the pace of layoffs in the U.S. economy, which has been declining amid the Covid-19 vaccine rollout.

Economists expect to see 350,000 first-time applicants for unemployment benefits for the week ended July 3, according to Dow Jones.