Stock futures increased a little on the overnight trading on Sunday, indicating that the market was poised to end July with strong gains.

 Futures for the Dow Jones Industrial Average inched up 34 points, while S&P 500 futures rose 0.2% and Nasdaq 100 futures were 0.4% higher. Throughout July, the S&P 500 had gained 3%, set for its fifth consecutive positive month, a streak not seen since August 2021.

 The tech-heavy Nasdaq Composite had achieved a 3.8% gain in the month, also on track for its fifth straight winning month. The blue-chip Dow performed well too, with a 3.1% increase in July, and recently posted a 13-day advance that matched the index’s longest streak of gains since 1987.

 Resilient U.S. economic data, receding inflation pressures, and expectations of the Federal Reserve’s rate-hiking campaign coming to an end were factors supporting the expansion in market breadth since early June.

The bank estimated a collective rise of over 5% in India’s annual demand for major commodities, while China’s demand for the same was expected to slow to 1% to 3%.

China’s factory activity remained in contraction territory for the fourth consecutive month, with the purchasing manager’s index slightly exceeding expectations in July.

Japan’s industrial output climbed 2% in June but declined on a year-on-year basis, primarily due to changes in motor vehicle, electronic parts, and machinery production.

The automotive industry also faced challenges, with Chinese electric car companies in need of cash while foreign automakers sought to leverage the global market.

 Xpeng’s cash reserves reduced significantly, and Volkswagen’s electric car deliveries in China were lackluster despite having more cash.

In terms of earnings, the S&P 500 companies reported better-than-expected numbers, with 78.7% of the 254 companies beating analyst estimates. This exceeded the typical quarterly beat rate of 66% since 1994, according to Refinitiv.

Overall, the markets showed resilience and optimism, fueled by positive economic indicators and expectations of an extended bull market with increased participation from a broader range of sectors.

- Published By Team Nation Press News

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