US stock futures were mixed ahead of job openings data later in the day. S&P 500 futures, as well as Nasdaq 100 futures, were almost unchanged. Futures contracts tied to the Dow Jones Industrial Average (DJIA) slipped 121 points.
US Market Outlook
S&P 500 index ended the week slightly higher after the release of the Nonfarm Payrolls for July. The private payrolls for the previous month came in higher at 943,000 up from 938,000 in June. Economists polled by Dow Jones expected a slip to 870,000. The unemployment rate for the same month slipped to 5.4% down from 5.9%.
US Treasury yields were unchanged ahead of the job openings data later today. The yield on the benchmark 10-year Treasury note fell less than 1 basis point to 1.287%. The yield on the 30-year Treasury bond gained less than 1 basis point to 1.936%.
Oil prices took a steep nosedive on Monday amid the resurgence of coronavirus cases in most countries. Analysts have linked the decline in oil prices to China’s new restrictions. China is the world’s second-largest oil consumer after the United States; hence its new travel restrictions are a major factor clouding the outlook for demand growth.
The US West Texas Intermediate (WTI) crude futures fell 4.25% to $65.39 per barrel. WTI crude futures slumped nearly 7% last week hitting their sharpest weekly losses in nine months. Brent crude futures dipped 4.12% to $67.71 per barrel following a 6% loss last week, their largest weekly downfall in four months.
Investors have shifted their focus to the US JOLTs job openings data for June later today. The labor turnover survey will also be released at the same time.
S&P 500 Movers
LKQ Corporation was the best performer in the S&P 500 premarket trade. The aftermarket auto parts provider gained more than 2.40%. The company recently announced its Q2 earnings which came in higher at $1.13 per share. Its revenues rose to $3,435.1 million surging 30.8% compared to 2020.
Lumen Technologies is an American telecommunications company. The company gained 2.04% in its stock earnings after recently announcing its plans to sell US Telecom Assets to Apollo for $7.5 billion.
Devon Energy led the laggards in the index. The energy company slumped 3.59% in its stock price. The company posted its dividend five days ago. Devon announced a fixed-plus-variable dividend of $0.49 per share. This was 44% higher than the previous quarter.
MetLife Inc fell 3.18% after ending last week higher. The company posted better-than-expected Q2 earnings last week on Thursday.