Last Updated: 4:05 PM EST
Stock indices finished today’s trading session mixed. The Nasdaq 100 (NDX) and the S&P 500 (SPX) gained 0.19% and 0.08%, respectively. Meanwhile, the Dow Jones Industrial Average (DJIA) fell 0.12%. On Monday, the Texas Manufacturing Outlook Survey showed that Texas factory activity didn’t change much in July. The production index stayed nearly the same at -1.3. This means that output levels were about the same as in June.
However, there are signs that demand is falling. The new orders index dropped to -12.8, while the capacity utilization and shipments indexes also fell to -10.0 and -16.3, respectively.
Business conditions overall continued to decline in July. The general business activity index dropped slightly to -17.5, and the company outlook index fell to -18.4. The outlook uncertainty index shot up to 30.7, the highest since fall 2022.
In addition, employment went up, but work hours got shorter, with the employment index rising to 7.1 while the hours worked index dropped to -13.8.
Looking ahead, expectations for future manufacturing activity improved, with the future production index rising to 32 and the future general business activity index reaching 21.6, which is the highest since fall 2021.
First Published: 4:58 AM EST
U.S. futures traded higher on Monday morning as investors awaited the release of earnings reports from mega-cap technology companies. Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were up by about 0.35%, 0.15%, and 0.09%, respectively, at 4:12 a.m. EST, July 29.
Last week, the S&P 500 and the Nasdaq Composite indices declined 0.83% and 2.08%, respectively, as investors shifted their focus from mega-cap tech stocks to interest-rate-sensitive stocks, such as small-caps. Thus, the Dow Jones and the small-cap Russell 2000 ended the week in the green, up 0.8% and 3.5%, respectively.
Looking ahead to key economic data for this week, July’s Consumer Confidence Index will be released on Tuesday. Moreover, Automatic Data Processing (ADP) will release the National Employment Report, which tracks levels of nonfarm private employment in the U.S., on Wednesday.
In addition, the central bank will announce its interest rate decision this Wednesday, followed by comments from Chair Jerome Powell. Further, July’s ISM Manufacturing Purchase Managers’ Index (PMI) data will be made public on Thursday. Also, July’s Nonfarm Payrolls and Unemployment Rate data points are slated to be released on Friday.
Furthermore, the earnings season continues to heat up, with reports from key companies like Microsoft (MSFT), Apple (AAPL), Amazon (AMZN), Meta Platforms (META), ExxonMobil (XOM), Mastercard (MA), Advanced Micro Devices (AMD), and Merck (MRK) scheduled for the week. Today, investors will await results from McDonald’s (MCD), ON Semiconductor (ON), and Equity Residential (EQR).
Meanwhile, the U.S. 10-year treasury yield was down at the time of writing, floating near 4.17%. At the same time, WTI crude oil futures trended lower, hovering near $77.13 per barrel as of the last check.
Elsewhere, European markets opened higher on Monday as investors looked ahead to key earnings releases and interest rate decisions from different countries scheduled for this week.
Asia-Pacific Markets End Higher on Monday
Most of the Asia-Pacific indices ended today’s trading session in the green as the Core Personal Consumption Expenditure report, released last Friday, raised hopes for a U.S. interest rate cut in September.
Japan’s Nikkei and Topix indices closed higher by 2.13% and 2.23%, respectively. Further, Hong Kong’s Hang Seng and China’s Shenzhen Component indices were up 1.33% and 0.03%, respectively. However, China’s Shanghai Composite index declined 0.96%.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
