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Stock futures rise after major averages post third straight week of losses

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Trader on the floor of the NYSE Aug. 30, 2022.

Source: NYSE

Stock futures rose in overnight trading Monday after the major averages capped their third straight week of losses.

Futures tied to the Dow Jones Industrial Average added 120 points, or 0.38%. Nasdaq 100 futures rose 0.17% and S&P 500 futures gained 0.25%.

CVS Health said Monday it’s buying Signify Health for roughly $8 billion, while Volkswagen shared its plan to float Porsche for an initial public offering.

On Friday, the major averages closed out their third negative week in a row. The Nasdaq Composite posted its first six-day losing streak since 2019, ending the session 1.3% lower, while the Dow Industrial Average erased a 370-point gain on Friday to close about 1.1% lower. The S&P 500 shed 1.1% to its lowest close since July.

In the holiday-shortened week, investors are looking ahead to speeches from Federal Reserve presidents and a fresh rate hike from the European Central bank due out later this week. August PMI services and ISM services data are slated for Tuesday.

“This is the week where everyone’s back,” said Ed Moya, senior market analyst at Oanda. “Everyone’s back to school, back to trading, a lot of people are back into the office. There’s still a lot of pessimism here that we could continue to see inflation rear its ugly head and that should warrant more aggressive rate hikes by the Fed.”

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