Momentum stocks staged a dramatic comeback on Thursday, with the MTUM ETF gaining 5.5% before climbing another 1.1% on Friday, though it remains on track for one of its worst months ever, down nearly 12% in July. The U.S. monthly jobs report, due Friday, is expected to show 87,500 nonfarm payrolls added in July, up from 57,000 the prior month, with the unemployment rate ticking up to 4.3%. The earnings season continues with results from McDonald’s, Walt Disney, Palantir Technologies and AMD on deck, with roughly 85% of S&P 500 companies having so far beaten analyst expectations. Aggregate corporate profits for S&P 500 companies are tracking to grow more than 47%.
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