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A trader works on the floor of the New York Stock Exchange (NYSE), July 27, 2022.
Brendan McDermid | Reuters
Stock futures are down on Monday as Wall Street enters a new month after strong gains in July. The three main US stock indices recorded their best months of the year. The S&P500 and Dow Jones Industrial Average rose 9.1% and 6.7% in July, respectively, their strongest monthly advances since November 2020. Nasdaq Compound outperformed and ended a three-month losing slide. The index rose 12.35% in July for its best month since April 2020, fueled by robust gains in the technology sector.
OPEC+ has agreed to boost oil production by 648,000 barrels a day in July and August – a bigger amount than expected as the war in Ukraine wreaks havoc on global energy markets.
Ian Tuttle | Bloomberg | Getty Images
Crude prices fell on Monday as energy markets digest poor factory data from China and Japan, and prepare for OPEC and its oil-producing allies to decide on September production later in the week. West Texas Intermediate futures, the US oil benchmark, traded down around 1.5% on Monday, while international benchmark Brent futures fell around 1.1%. WTI and Brent fell for the second straight month in July as recession fears weighed on prices, their first two-month losing streak since October 2020. The group known as OPEC+ is set to meet Wednesday to discuss whether to keep September production plans stable or increase production slightly, according to Reuters.
Starbucks coffee logo seen in one of their stores.
Stéphane Zenner | light flare | Getty Images
It’s another busy week for earnings on Wall Street, after tech heavyweights including Apple and Amazon released quarterly figures in recent days. A total of 148 S&P 500 companies are expected to report results over the next five days, including caterpillar, JetBlue and Starbucks Tuesday, followed by Yum Brands and Reserve credits Wednesday. In addition to the overstretched earnings slate, the July nonfarm payrolls report is due Friday morning. Investors are anticipating this key labor market announcement as they seek to better understand the health of the US economy amid fears of recession.
Neel Kashkari, president and CEO of the Federal Reserve Bank of Minneapolis.
Andre Harrer | Bloomberg | Getty Images
Minneapolis Federal Reserve Chairman Neel Kashkari said on Sunday it focuses on inflation data — not the wrangling over whether the US economy is in a recession. Whereas the discussion escalated at the end of last week when an advance estimate of second-quarter GDP showed a negative reading, the central bank official told CBS that he is more focused on other economic data at this time. “Whether we’re technically in a recession or not doesn’t change my analysis,” Kashkari said in an interview on “Face the Nation.” “I focus on inflation data. I focus on wage data. And so far, inflation continues to surprise us on the upside. Wages continue to grow.” CNBC’s Cameron Albert-Deitch has more on Kashkari’s comments here.
Google CEO Sundar Pichai speaks during a panel at the CEO Summit of the Americas hosted by the United States Chamber of Commerce on June 09, 2022 in Los Angeles, California.
Anna Moneymaker | Getty Images
In a recent show of hands, Google CEO Sundar Pichai told the tech giant’s employees that their productivity needed to improve and asked for their help in creating a “more mission-driven” culture. , among others. “Clearly we face a challenging macroeconomic environment with more uncertainty ahead,” Pichai said, later adding, “There are real concerns that our productivity as a whole is not where it should be for the number of employees we have.” Read CNBC’s full report from Jennifer Elias here.
— CNBC’s Jennifer Elias, Cameron Albert-Deitch, Patti Domm and Christopher Hayes contributed to this report. Reuters also contributed.