Market Summary
Nvidia Outlook Lifts US Futures: US equity-index futures advanced after Nvidia signalled strong sales growth through 2028, reinforcing optimism that the AI rally has further to run. Nasdaq 100 futures are up 0.6%, while Nvidia shares rallied 4.7% in extended trading, lifting other AI stocks, including Marvell Technology and Sandisk. European stock futures also edged higher, while the KOSPI gained 0.9% overnight.
Rate-Hike Bets Keep Bond Markets on Edge: Caution remains in bond markets as traders increased their bets on further Federal Reserve rate hikes this year. Markets are currently pricing in a 35.5% probability of a rate hike by September. The US 10-year yield is around 4.65%.
Oil Holds Near $87: Brent crude was broadly flat yesterday at around $87.25 and has slipped 0.82% this morning as traders continue to assess progress on energy flows through the Strait of Hormuz.
Gold Remains Above Moving Averages: Gold fell 1.4% yesterday to around $4,593 an ounce but has recovered by 0.24% this morning to around $4,602. The precious metal continues to trade above its key moving averages following its recent rally.
Wheat Hits Three-Year High: Wheat futures climbed to a three-year high as persistent attacks on vessels and infrastructure in the Black Sea region disrupted shipments from one of the world’s major breadbaskets, reviving concerns about food inflation.
Jackson Hole in Focus: Attention remains firmly on the Jackson Hole Economic Symposium. Fed Chair Kevin Warsh is set to deliver his first major speech as chair, with investors looking for fresh clues about the policy outlook following criticism over a lack of clarity around his views on the economy.
Economic Calendar
- US Initial Jobless Claims
- US Wholesale Inventories
- Canada Balance of Payments
- France PPI
- Eurozone M3 Money Supply
Key Market Moves Today
- S&P 500 Futures: +0.22% (7,707.0)
- US 10-Year Yield: +0.80 bps (4.65%)
- Brent Crude: -0.82% ($87.09)
- Bitcoin: +0.51% ($78,841)
- Spot Gold: +0.24% ($4,602)
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