Global Markets:
● Asian Stock Markets : Nikkei up 0.36%, Shanghai Composite down 0.14% Hang Seng down 0.21% ASX up 0.63%
● Commodities : Gold at $4,692.21 (-0.12%) Silver at $68.000 (-0.87%), Brent Oil at 90.82 (0.31%), WTI Oil at 85.37 (0.47%)
● Rates : US 10-year yield at 4.713, UK 10-year yield at 5.0600, Germany 10-year yield at 3.2485
News & Data:
● (CAD) Corporate Profits q/q 8.7% to 0.9% expected
Markets Update:
U.S. equity futures were little changed Monday night after the S&P 500 declined as investors turned cautious ahead of Nvidia’s earnings and a key inflation report due later this week.
Dow Jones Industrial Average futures added 15 points, or 0.03%, while S&P 500 futures gained 0.03%. Nasdaq 100 futures were near the flatline.
During regular trading, the S&P 500 fell 0.28% and the Nasdaq Composite dropped 0.76%, pressured by weakness in chipmakers and other technology stocks. The Dow bucked the trend, rising 140.15 points, or 0.26%.
Asian markets were mostly lower Tuesday. Japan’s Nikkei 225 fell 0.55%, South Korea’s Kospi dropped 2.37%, and the Kosdaq declined 1.23%. Australia’s S&P/ASX 200 gained 0.29%.
U.S. Treasury yields declined after reports that the Treasury Department could use its $1 trillion General Account to support increased government bond purchases. The 10-year Treasury yield fell more than three basis points to 4.7%.
Investors are closely watching Nvidia’s quarterly results, due Wednesday after the closing bell, along with July’s personal consumption expenditures price index. Federal Reserve Chairman Kevin Warsh is also scheduled to speak Friday at the annual Jackson Hole symposium.
Markets will additionally focus on consumer confidence data Tuesday, while Bank of Montreal, Dick’s Sporting Goods, Intuit, Box and Zoom are scheduled to report earnings. Traders will look for signs of weakening consumer resilience and clues about the Federal Reserve’s future interest-rate path.
Upcoming Events:
● 2:00 PM GMT – USD CB Consumer Confidence
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