5 things to know before the stock market opens on Monday

Here are the most important news items traders need to start their trading day:

1. Lower stock futures to start trading in August

A trader works on the floor of the New York Stock Exchange (NYSE), July 27, 2022.

Brendan McDermid | Reuters

Stock futures were lower on Monday, as Wall Street kicked off a new month after a strong July gain. All three major US stock indexes recorded their best months of the year. The S&P 500 and Dow Jones Industrial Average rose 9.1% and 6.7% respectively in July, their biggest monthly gain since November 2020. Nasdaq Composite outperformed and ended a three-month slide. The index jumped 12.35% in July for its best month since April 2020, thanks to strong growth in the tech sector.

2. Oil prices drop ahead of OPEC+ meeting

OPEC+ has agreed to increase oil production by 648,000 bpd in July and August – a larger amount than expected as the Ukraine war ravages global energy markets.

Ian Tuttle | Bloomberg | beautiful pictures

Crude oil prices fell on Monday, as energy markets digested poor factory data from China and Japan, and prepare for OPEC and its oil-producing allies to decide on September output by the end of the week. West Texas Intermediate futures, the US oil benchmark, traded about 1.5% lower on Monday, while international benchmark Brent oil futures fell about 1.1%. WTI and Brent fell for a second straight month in July as recession fears weighed on prices, their first two-month losing streak since October 2020. The so-called OPEC+ group will meet on Tuesday. April to discuss whether to keep the September output plan stable. modest increase in output, according to Reuters.

3. Another busy earnings week has arrived

The Starbucks coffee shop logo is seen in one of their stores.

Stephen Zenner | LightRocket | beautiful pictures

It was another crowded week for Wall Street earnings, after tech heavyweights including Apple and Amazon posted quarterly numbers in recent days. In total, 148 companies in the S&P 500 are expected to release results over the next five days, including Caterpillar, JetBlue and Starbucks on Tuesday, followed by Yum Brands and Booking Holdings on Wednesday. In addition to the dense earnings report, the July nonfarm payrolls report is due on Friday morning. Investors are looking forward to that key labor market announcement as they seek more insight into the health of the US economy amid recession fears.

4. Fed official: Inflation is more important than recession declaration

Neel Kashkari, president and chief executive officer of the Federal Reserve Bank of Minneapolis.

Andrew Harrer | Bloomberg | beautiful pictures

Minneapolis Federal Reserve President Neel Kashkari said Sunday he focuses on inflation data – it’s not about arguing about whether the US economy is in a recession. Meanwhile discussion intensified last weekend when an advance estimate of second-quarter GDP shows negative reading, the central bank official told CBS he is focusing more on other economic data right now. Kashkari said in an interview on “Face the Nation”. “I focus on inflation data. I focus on wages data. And so far, inflation continues to surprise us in the opposite direction. Wages continue to rise.” CNBC’s Cameron Albert-Deitch has more on Kashkari’s comment here.

5. Google CEO: Employee Productivity Needs Improvement

Google CEO Sundar Pichai speaks at a panel at the CEO Summit of the Americas hosted by the American Chamber of Commerce on June 9, 2022 in Los Angeles, California.

Anna Moneymaker | beautiful pictures

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