US stock futures were treading on positive territory at the start of the new month after ending the week in declines. S&P 500 futures advanced 26 points while Nasdaq 100 futures were up 83 points. Futures contracts tied to the Dow Jones Industrial Average rose by 164 points.
US Economic Outlook
The S&P 500 index ended its previous trading session inches lower after weak US economic data. The US Gross Domestic Product (GDP) for the second quarter improved. It came in at 6.5% up from the previous 6.3%. However, it was weaker than the estimated 8.5% increase.
The weekly initial jobless claims data for the week ending July 24 decreased 24,000 to 400,000. The previous week’s revised level was up 5,000 from 419,000 to 424,000.
US Treasury yields started the week mixed ahead of the release of purchasing managers index data later in the day. The yield on the benchmark 10-year Treasury note fell to 1.234%. The yield on the 30-year Treasury bond advanced to 1.908%.
Oil prices extended their losses to the new week amid concerns about China’s economy and higher crude output. US West Texas Intermediate (WTI) crude dipped 1.27% to trade at $73.01 per barrel. Brent crude declined 1.22% to $74.50 per barrel.
Markit is set to release its final Manufacturing Purchasing Managers Index (PMI) data for July later in the day. ISM Manufacturing PMI for July will also be released later today. Both indexes are expected to slightly advance.
S&P 500 Market Movers
Major cruise lines were the most active stocks in the S&P 500 premarket trade. Carnival Corporation was the most active stock in the index. The company gained 3.00% in its stock earnings after ending the previous week 4.67% lower.
Norwegian Cruise Line Holdings Limited advanced 2.58% in its stock price. The company recently resumed its cruising operations for the first time in 500 days. The company’s voyages were sold out shortly after the company announced Norwegian Jade’s first Greek Isles Voyage.
Freeport McMoRan was also among the most active stocks in the index. The mining company jumped 1.76% in its stock earnings. The company recently published its second quarter earnings which topped estimates. The company’s profits jumped on surging copper prices.
The best performer in the index was IFF. IFF is an American corporation that produces flavors, fragrances, and cosmetic actives. The company inched 4.89% higher ahead of its second quarter earnings later this week.