Although the stock futures dipped in overnight trading on Monday, Wall Street notched its fifth consecutive month of gains. Futures on the Dow Jones Industrial Average fell about 80 points. The S&P 500 futures and the Nasdaq 100 futures were down 0.1% each.
The S&P 500 and the Dow just wrapped up their best August in more than 30 years. The blue-chip average rallied 7.6% in August for its fifth positive month in a row and its biggest August gain since 1984. The S&P 500 also rose for a fifth month straight, up 7%, clinching its best August since 1986.
The tech-heavy Nasdaq jumped 9.6% in August, posting its best monthly performance since 2000.
In a major policy shift, the Federal Reserve announced last week it will allow inflation and employment to run higher than its target before it considers raising interest rates.
“Normally, a good jobs report would spark concern that the Fed might tighten in order to proactively combat inflation and economic overheating. That concern has gone by the wayside, at least for now, with the Fed’s new policy,” Kristina Hooper, Invesco’s chief global market strategist, said in a note.
In prelude to a key job report due out on Friday, investor’s are waiting for the report on the rebound of jobs in August. It is forecast to show payrolls continued their rebound. Economists polled by Dow Jones forecast that 1.255 million jobs were created in August.
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