Global Markets:
- Asian Stock Markets : Nikkei up 2.03%, Shanghai Composite up 0.20% Hang Seng up 0.61% ASX down 0.51%
- Commodities : Gold at $4,386.65 (-0.28%) Silver at $63.865 (0.59%), Brent Oil at 84.38 (0.99%), WTI Oil at 78.80 (0.79%)
- Rates : US 10-year yield at 4.657, UK 10-year yield at 4.9243, Germany 10-year yield at 3.1295
News & Data:
- (USD) Non-Farm Employment Change 23K to 85k expected
Markets Update:
U.S. stock futures edged lower Sunday evening as investor optimism over a potential agreement between the U.S. and Iran to reopen the Strait of Hormuz faded. S&P 500 futures slipped 0.2%, while Nasdaq-100 futures gained 0.1% and Dow futures fell 99 points, or 0.2%.
Asian markets were mostly higher. Japan’s Nikkei 225 rose 0.54%, the Topix edged up, South Korea’s Kospi gained 0.53%, and the Kosdaq advanced 1.48%. Australia’s S&P/ASX 200 climbed 0.54%.
Sentiment weakened after Iran denied holding direct negotiations with Washington regarding the reopening of the strategic waterway. WTI crude oil rose 1% Sunday to above $79 a barrel. Last week, Treasury Secretary Scott Bessent had suggested a deal could be imminent, but President Donald Trump said the U.S. was only “semi-negotiating” with Iran and intended to maintain economic pressure.
The three major U.S. indexes ended last week with their strongest weekly gains since April, with the S&P 500 closing at a record high. Stocks received a boost Friday after July’s weaker-than-expected nonfarm payrolls report increased expectations that the Federal Reserve could delay rate hikes. Markets now see a 44% chance of a September rate increase, down from 67% a week earlier.
Investors will focus this week on CPI and PPI inflation data, while earnings from On Holding, Cava, Super Micro and CoreWeave are also due this week.
Upcoming Events:
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