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

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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