Global Markets:
- Asian Stock Markets : Nikkei up 2.08%, Shanghai Composite down 0.05% Hang Seng down 0.75% ASX up 0.28%
- Commodities : Gold at $4,473.87 (1.23%) Silver at $65.970 (1.07%), Brent Oil at 87.57 (-0.18%), WTI Oil at 82.00 (-0.17%)
- Rates : US 10-year yield at 4.712, UK 10-year yield at 4.9889, Germany 10-year yield at 3.1767
News & Data:
- (GBP) BRC Retail Sales Monitor y/y 1.0% to 1.6% expected
Markets Update:
U.S. stocks ended slightly lower Monday as uncertainty over a lasting resolution between the U.S. and Iran weighed on investor sentiment.
The S&P 500 fell 0.06% to 7,753.11, while the Nasdaq Composite declined 0.32% to 26,605.36. The Dow Jones Industrial Average dropped 60.95 points, or 0.11%, to close at 53,975.98.
Intel was among the session’s biggest decliners, tumbling 4% after announcing plans to offer $15 billion in common stock. Nvidia and Apple also weakened, falling 2.9% and 1.5%, respectively.
Oil prices surged as uncertainty surrounding the Strait of Hormuz persisted. West Texas Intermediate crude futures climbed 5.1% to settle at $82.13 a barrel, while Brent crude gained 5% to $87.72. U.S. Strategic Petroleum Reserve inventories have also fallen to their lowest level since January 1983.
Iran has indicated progress toward an agreement with Oman to reopen the Strait of Hormuz, but Tehran continues to resist direct talks with Washington unless certain conditions are met. President Donald Trump said the U.S. was only “semi-negotiating” with Iran and wanted to maintain economic pressure.
Despite geopolitical concerns, investors remain supported by strong corporate earnings. The major indexes entered Monday following their strongest week since April, with the S&P 500 ending last week at a record high. Meanwhile, expectations for a September Fed rate hike have eased to nearly 52%, from 67% a week earlier.
Upcoming Events:
- 2:00 PM GMT – USD Existing Home Sales
