U.S. stock futures slip after Wall Street’s best week since 2020

The price of West Texas crude
ESU22
declined about 50 cents a gallon Sunday, while bitcoin
BTCUSD
and other major cryptocurrencies
ETHUSD
slid about 2%.

On Friday, the Dow Jones Industrial Average
DJIA
 gained 315.50 points, or 1%, to close at 32,845.13, notching a third straight day of gains; the S&P 500 
SPX
 climbed 57.86 points, or 1.4%, to 4,130.29, rising for a third consecutive day; and the Nasdaq Composite
COMP
 rose 228.09 points, or 1.9%, to end at 12,390.69, its third straight day of gains.

For the week, the Dow gained 3%, the S&P 500 rose 4.3% and the tech-heavy Nasdaq advanced 4.7%. For July, the Dow advanced 6.7%, the S&P 500 jumped 9.1% and the Nasdaq surged 12.3%, according to Dow Jones Market Data. It was the best monthly results for the Dow and S&P 500 since November 2020, and the Nasdaq’s best month since April 2020.

“Dovish messaging from the FOMC and better-than-feared corporate earnings have supported equities,” Stephen Innes, managing partner at SPI Asset Management, said in a note Sunday. “At best, earnings beats have been average, but the lack of fireworks means boring is beautiful.”

“With slowdown fears dominating and the deceleration in market-implied inflation trends looking increasingly optimistic, investors were broadening their risk-taking appetites,” Innes wrote. “But investors may pause from chasing the current trend, stock higher, and yields lower, ahead of the ISM and nonfarm payroll data this week.”

After a week of quarterly earnings reports from Big Tech companies, the upcoming week features earnings from a wide range of smaller but still significant companies, including Robinhood Markets Inc.
HOOD,
Uber Technologies Inc.
UBER,
Activision Blizzard Inc.
ATVI,
Expedia Group Inc.
EXPE
and Advanced Micro Devices Inc.
AMD.