|
On
Friday, the S&P 500 index hit a new record intra-day high for
the seventh time in a month, while the Nasdaq ended July with a
rise of 6.6 percent.
Growth in U.S. gross domestic product in the second quarter came
in below expectations, fueling arguments the Federal Reserve may
not raise interest rates anytime soon.
After the GDP numbers, the chance of a hike by the year end fell
to about 33 percent, according to CME Fedwatch, down from about
50 percent early last week.
Investors will continue keeping an eye on corporate results,
where aggregate quarterly earnings of S&P 500 companies are now
expected to fall 3 percent, compared with a 3.7 percent decline
predicted earlier, according to Thomson Reuters I/B/E/S.
Data expected on Monday include a forecast from the Institute
for Supply Management for its national factory index, which is
expected to be 53 in July, compared with 53.2 in June. A reading
above 50 indicates expansion in the manufacturing sector. The
data is due at 10 a.m. ET (1400 GMT).
The monthly non-farm employment report is expected on Friday and
the Bank of England meets on Thursday.
Oil prices fell about 1.3 percent as a rise in OPEC production
and U.S. oil rig additions continued to weigh on the market.
[O/R]
SolarCity <SCTY.O> jumped 7.4 percent to $28.68 in premarket
trading after Tesla <TSLA.O> said the two companies have agreed
to merge. Tesla was down 0.3 percent at $234.00.
(Reporting by Tanya Agrawal in Bengaluru; Editing by Anil
D'Silva)
[© 2016 Thomson Reuters. All rights
reserved.] Copyright 2016 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
 |
|
