An trader works on the New York Stock Exchange's trading floor, New York, August 5, 2021.Stock futures were flat in overnight trading Sunday after the Dow Jones Industrial Average notched a record close Friday following a stronger-than-expected jobs report.Futures on Dow gained 2 points or 0.01%. Futures on the S&P 500 edged 0.06% lower, while futures on the Nasdaq 100 dipped 0.13.The United States senators regrouped Sunday to continue work towards the passage of the $1 trillion infrastructure bill. This is President Joe Biden's top political priority. The Senate will hold a key procedural vote Sunday night and then vote on the final passage Tuesday. It is expected that the bipartisan package will have enough Republican support to pass the Senate and be sent to the House for consideration in September.Futures trading moved after the Dow rose 0.4% or 144.26 points to close at its all-time record of 35,208.51. S&P 500 gained 0.17% to close at record 4,436.52. The Nasdaq Composite was a different story, falling 0.4% to 14,835.76. All three major indexes finished the week higher, and they saw their second consecutive positive week.Friday's Labor Department jobs report showed that the U.S. added 943,000 jobs last July. According to Dow Jones estimates, economists had expected 845,000 more jobs last month. Below the 5.7% expectation, the unemployment rate fell to 5.4%.Larry Adam, Raymond James Chief Investment Officer, stated that he saw more jobs created in areas such as reopening restaurants and hotels, logistics, and transportation. It's a positive sign. This puts more spending power in the hands of consumers going forward, and that's a good thing for our economy.An economic recovery that is strong could lead the Federal Reserve to reduce its monetary support and to start tapering its bond-buying program.Adam stated that if it continues to be this large, it will probably bring the Fed a bit sooner into the tapering game.After the stronger-than-expected jobs report, the benchmark 10-year Treasury note yield jumped to 1.3%. This summer, the 10-year yield has fallen significantly from March's highs of 1.8%.Friday's gains were led by the financial sector, which saw rates rise, improving banks' profitability prospects and allowing them to lead in terms of their earnings. The strong jobs report, which showed a significant increase in employment, eased fears about the economic recovery.Technology stocks suffered a dip after the rate hike. Rising rates can reduce the value of future earnings, which can make it difficult for growth stocks such as technology names.Investors await key inflation data, which is due to be released this week. On Wednesday and Thursday, the consumer price index and producer price index will be released.Investors will be paying close attention to the tapering decisions of the central bank and listening closely to the speeches of several Fed officials in the coming week. Raphael Bostic (Atlant Fed President), Thomas Barkin (Richmond Fed President), Charles Evans (Chicago Fed President) and Esther George (Kansas City Fed President) are all scheduled to speak this week.This week, companies such as Tyson Foods and AMC Entertainment, Coinbase Motors, Lordstown Motors. Bumble, Palantir. Disney, Airbnb, DoorDash, and Lordstown Motors will report their quarterly earnings.
