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Market Update: US Stocks Set to Open Higher to Start the Week
US stock futures rose markedly on Monday, lifted by reports that both personal income and spending for June topped forecasts and core PCE inflation was below consensus, a sign transitory price pressures could be gradually easing. Traders also welcomed the prospect of more fiscal stimulus in the US ahead as senators worked to finalize a sweeping $1 trillion infrastructure plan that could pass this week. On Friday, US stocks closed in the red, mainly dragged down by a more than 7% slump in Amazon shares after its revenues missed forecasts for the 1st time in 3 years and the company said sales growth would slow in the next few quarters as customers venture more outside the home, following an acceleration in COVID-19 vaccinations. For the month, the Dow and Nasdaq have added 1.2% and 1% respectively in July, while the S&P 500 rose more than 2% over the same period. [/s2If]
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