A man walks through a street charging bull on March 24, 2020, in New York, USA.
Wang Ying | Xinhua News Agency | Getty Images
Stock futures were flat in trading overnight on Monday after Wall Street recorded its fifth consecutive month of growth.
Futures on the Dow Jones Industrial Average fell about 25 points. Both the S&P 500 futures and the Nasdaq 100 futures changed slightly.
Shares of Zoom Video jumped more than 17% during extended trading after reporting a second blowout quarter. The video conferencing company’s revenue has quadrupled in the second quarter of the financial year compared to a year ago.
The S&P 500 and Dow have finished their best August in over 30 years. Blue-chip averaged 5% in August Gust for the fifth consecutive month with a%% growth and its biggest gain since 1984 Gust. S&P also rose 100 per cent for the fifth straight month, the best since August 1986.
Tech-heavy Nasdaq jumped 9.6% in August Gust, posting its best monthly performance since 2000.
“While the names of growth and momentum continue to be the primary drivers of returns, value and cyclones have begun to participate,” Mark Hackett, chief of investment research at Nationalwide, said in a note on Monday.
In August Gust, the top performers in the S&P 500 are mostly stocks – cruise line operators, airlines and hotels relaunching. Both Royal Caribbean and MGM Resorts jumped about 40%, while FedEx and Gap jumped 30%. Among the S&P 500 leaders in Del Gust were Delta Air Lines and Norwegian Cruise Lines.
Apple’s 4-for-1 stock split changed Monday’s downtrend. Salesforce, Amgen and Honeywell replaced the long-term components Exxon Mobil, Pfizer and Raytheon Technologies.
Investors are awaiting a key jobs report on Friday, which is expected to show the resumption of parolees in August. Economists polled by the Dow Jones forecast 1.255 million jobs created in August.
Christina Hooper, Invesco’s chief global market strategist, said in a note that U.S. Given jobs, it’s important to keep in mind that the Fed’s new inflation target policy could have an impact on how the market receives this news.
“In general, good jobs reports will spread a sense of concern that the Fed may be tightening its grip on food and economic warming actively. At least right now the Fed’s new policy has shifted that concern.”
In a major policy shift, the Federal Reserve announced last week that it would consider raising interest rates before inflation and employment exceeded its target.
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