Stock futures rise as S&P 500 looks set to record high

Futures contracts linked to major US stock indices. It rose at the start of the overnight session on Sunday night after the S&P 500 recorded its best week since February. Like the new record on Friday

S&P 500-linked futures were up 0.1

% and Dow Jones Industrial Average-linked futures jumped 47 points. Nasdaq 100 futures traded around a flat line.

The stock posted its best week in months on Friday. As investors become more relaxed about inflation It sees the current price acceleration in the US not a sustainable economic threat. but a temporary increase

The S&P 500 closed Friday at a record high of 4,280.70, while the Dow was up 237.02 points and less than 2 percent from the previous record, while the Nasdaq Composite closed only slightly on Friday but was up 2.35% in Week, best since April 9 and up 4.45% in June.

The weekly increase came even after the Commerce Department reported that the inflation indicator rose 3.4 percent in May. This is the fastest increase since the early 1990s.

A soaring personal consumption expenditure price index could cause heartburn for investors. As the Federal Reserve likes to watch for signs of inflation, however, the actual rise was lower than what economists polled by Dow Jones had predicted and encouraged investors that the entire economic hike is likely to be temporary and manageable.

The next important economic data is the June jobs report. which the Labor Department is scheduled to publish this Friday.

Economists expect non-farm payrolls to increase by 683,000 in June. While that strong reading will be 559,000 in May. But still below 1 million, some hope the recovering US economy will recover from the Covid-19 crisis.

Investors will also pay attention to the June report for signs of wage inflation. As employers seek workers to fill job vacancies, and epidemic unemployment benefits are declining in some states.

The massive two-party infrastructure deal was restored on Sunday evening. After President Joe Biden clarified on Saturday that He did not plan to veto that law. Without the reconciliation bill, it’s the Democrats’ favorite.

The president is flanked by a bipartisan group of senators. announced on Thursday that The group has reached a multibillion-dollar deal to improve the country’s roads, bridges, waterways and broadband. After several weeks of negotiations Democrats have pushed for a second bill, which includes funding for issues such as climate change, child care, health care and education.