Stock futures trade lower after the Dow Jones finishes at record Friday. Stock futures closed lower early Monday following a better-than-expected jobs report.
Dow dropped 88 points. Both S&P 500 and Nasdaq 100 futures traded lower.
The update in futures trading came after the Dow Jones jumped 144.26 points, or 0.4%, to reach a record high at 35,208.51. The S&P 500 climbed 0.17% to close its record of 4,436.52. The Nasdaq Composite dropped 0.4% to 14,835.76. All three indexes finished the records high and experienced their second positive week.
According to Friday’s Labor Department jobs report, the U.S. economy added 943,000 jobs in July. Dow Jones estimates show that economists anticipated 845,000 new jobs last month. The unemployment rate tumbled to 5.4%, less than the expectation of 5.7%.
“You saw a lot more jobs being created in those areas that are reopening — restaurants, hotels, logistics, transportation,” Larry Adam said, who is Raymond James Chief Investment Officer. Larry also said “That’s a good sign. I think that puts more spending power behind the consumer going forward and I think that that’s ultimately a good thing for the economy.”
Industrials, retailers, and energy stocks also traded higher after the economic recovery eased on the strong jobs report. The financial sector also led gains Friday, raising banks’ profitability prospects.
The consumer price index and the producer price index are expected to report Wednesday and Thursday, respectively.
Companies including Tyson Foods, Motors, Bumble, Palantir, Disney, AMC Entertainment, Coinbase, Lordstown Airbnb, and DoorDash are scheduled to reveal quarterly earnings this week.