Stocks Fade after Record Friday - InvestingChannel

Stocks Fade after Record Friday



Stock futures traded mostly lower early Monday after the Dow Jones Industrial Average notched a record close Friday following a stronger-than-expected jobs report.

Futures for the 30-stock index dropped 94 points, or 0.3%, to 34,999.

Futures for the S&P 500 dipped 6.25 points, or 0.1%, to 4,423.25.

Futures for the NASDAQ Composite Index gained 17.25 points, or 0.1%, to 15,112.75.

Tesla shares gained 1% in pre-market trading after Jefferies upgraded the stock and predicted a rally of more than 20% over the next 12 months.

Berkshire Hathaway’s B shares climbed more than 1% in premarket trading on the back of a solid earnings report. The conglomerate’s operating income jumped 21% year over year to $6.69 billion in the second quarter as its myriad of businesses from energy to railroads benefited from the economic reopening.

Earnings season continues this week with companies including Tyson Foods, AMC Entertainment, Coinbase, Lordstown Motors, Bumble, Palantir, Disney, Airbnb and DoorDash set to report quarterly earnings.

Credit Suisse on Monday initiated a 5,000 price target for the S&P 500 for the end of 2022, citing strong earnings. The firm kept its 4,600 target for 2021.

Investors are awaiting key inflation data scheduled for release this week. The consumer price index and the producer price index are scheduled to come out Wednesday and Thursday, respectively.

Overseas, in Hong Kong, the Hang Seng index struggled to a gain of 0.4%, while Japanese markets were closed for holiday.

Oil prices gave back $2.50 to $65.78U.S. a barrel.

Gold prices slid $16.80 to $1,803 U.S. a pound.

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