US stock futures advanced as August begins, kicking off a busy week of earnings and a fresh look at the health of the labor market.
Futures on the Nasdaq-100 (NQ=F) and S&P 500 (ES=F) rose by about 0.5%, while contracts for the Dow Jones Industrial Average (YM=F) increased 0.6% after a volatile July ended on a high note last week.
A turn toward diplomacy in the war between the US and Iran lifted market sentiment over the weekend. Oil prices fell and Treasurys rose after President Trump said he called off an attack against Iran in order to negotiate on a deal to open the Strait of Hormuz on Monday.
“Get to work, everybody, and get it DONE,” Trump posted on Truth Social about a potential deal.
The earnings calendar, meanwhile, gears up for another week of key corporate results. Palantir Technologies (PLTR) reports Monday, and markets are gearing up for SpaceX’s (SPCX) first quarterly report since becoming a public company as the stock hugs an all-time low.
Investors will also receive measures of the manufacturing sector’s health with the release of S&P Global’s Purchasing Managers’ Index and ISM’s Manufacturing Index on Monday. The key report to watch this week, however, is Friday’s jobs report, which is expected to show further employment gains in July.