U.S. stock futures gave up strong early-session gains overnight after Wall Street notched its best week since June.
After initially surging about 300 points, or 1% on Sunday evening, Dow Jones Industrial Average futures YM00, +0.09% were last about flat at midnight Eastern, while S&P 500 futures ES00, +0.15% and Nasdaq-100 futures NQ00, +0.24% similarly gave up sharp early gains.
The U.S. Dollar Index DXY, +0.09% nudged higher, while the British pound GBPUSD, +0.35% surrendered much of an afternoon rally fueled by the possibility that Rishi Sunak will be Britain’s next prime minister, after Boris Johnson bowed out of the running. Crude prices CL.1, -0.98% ticked slightly higher Sunday.
On Friday, the Dow Jones Industrial Average DJIA, +2.47% gained 748.97 points, or 2.5%, to close at 31,082.56. The S&P 500 SPX, +2.37% climbed 86.97 points, or 2.4%, to finish at 3,752.75, and the Nasdaq Composite COMP, -0.81% rose 244.87 points, or 2.3%, to end at 10,859.72.
The three major indexes scored their biggest weekly percentage gains since June last week. For the week, the Dow rose 4.9%, the S&P 500 gained 4.7% and the Nasdaq advanced 5.2%. Yields on 10-year Treasury notes TMUBMUSD10Y, 4.158% ended Friday at 4.228%.
Investors were heartened by reports that the Fed may back off slightly from its aggressive rate-hiking policy later this year.
The upcoming week is the busiest of the third-quarter earnings season, with 165 S&P 500 companies, including 12 Dow components reporting. That includes earnings from Big Tech companies Alphabet GOOGL, +1.16%, Amazon AMZN, +3.53%, Apple AAPL, +2.71%, Meta META, -1.16% and Microsoft MSFT, +2.53%.
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