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Futures Movers: U.S. stock futures give up early gains after Wall Street’s best week since June

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U.S. stock futures surged out of the gate late Sunday, after Wall Street notched its best week since June.

Dow Jones Industrial Average futures
YM00,
+0.68%

jumped more than 200 points, or 0.7%, on Sunday, while S&P 500 futures
ES00,
+0.84%

and Nasdaq-100 futures
NQ00,
+1.11%

each rose about 1%.

The U.S. Dollar Index
DXY,
+0.07%

was about flat, while the British pound
GBPUSD,
+0.12%

rallied on the possibility that Rishi Sunak will be Britain’s next prime minister, after Boris Johnson bowed out of the running. Crude prices
CL.1,
+0.45%

ticked slightly higher Sunday.

On Friday, the Dow Jones Industrial Average
DJIA,
+2.47%

 gained 748.97 points, or 2.5%, to close at 31,082.56. The S&P 500
SPX,
+2.37%

 climbed 86.97 points, or 2.4%, to finish at 3,752.75, and the Nasdaq Composite
COMP,
-0.81%

 rose 244.87 points, or 2.3%, to end at 10,859.72.

The three major indexes scored their biggest weekly percentage gains since June last week. For the week, the Dow rose 4.9%, the S&P 500 gained 4.7% and the Nasdaq advanced 5.2%.  Yields on 10-year Treasury notes
TMUBMUSD10Y,
4.228%

ended Friday at 4.228%.

Investors were heartened by reports that the Fed may back off slightly from its aggressive rate-hiking policy later this year.

The upcoming week is the busiest of the third-quarter earnings season, with 165 S&P 500 companies, including 12 Dow components reporting. That includes earnings from Big Tech companies Alphabet
GOOGL,
+1.16%
,
Amazon
AMZN,
+3.53%
,
Apple
AAPL,
+2.71%
,
Meta
META,
-1.16%

and Microsoft
MSFT,
+2.53%
.

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