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

The price of West Texas crude
CL.1,
-1.01%
declined by $1.30 a barrel, while bitcoin
BTCUSD,
-2.00%
and other major cryptocurrencies
ETHUSD,
-1.75%
slid about 2%.

On Friday, the Dow Jones Industrial Average
DJIA,
+0.97%
 gained 315.50 points, or 1%, to close at 32,845.13, notching a third straight day of gains; the S&P 500 
SPX,
+1.42%
 climbed 57.86 points, or 1.4%, to 4,130.29, rising for a third consecutive day; and the Nasdaq Composite
COMP,
+1.88%
 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,
-0.66%,
Uber Technologies Inc.
UBER,
+0.60%,
Activision Blizzard Inc.
ATVI,
+0.55%,
Expedia Group Inc.
EXPE,
+0.70%
and Advanced Micro Devices Inc.
AMD,
+3.05%.