Market Summary
US Futures Rebound Ahead of Nvidia Earnings: Global chip stocks extended their losses yesterday, but US stock-index futures have recovered this morning as investors look ahead to Nvidia’s earnings on Wednesday. Nasdaq 100 futures are up 0.4%, and S&P 500 futures are 0.15% higher, with markets focused on whether Nvidia can deliver results strong enough to sustain the AI trade.
Bitcoin Climbs Above $80,000: Bitcoin has extended its recent rally, rising 1.92% to around $80,448 and moving above $80,000 for the first time since May. The move reflects renewed optimism across the crypto market after a prolonged period of weakness.
Gold Holds Near Recent Highs: Gold rose 0.91% yesterday but has since eased by 0.1% to around $4,647 an ounce. The precious metal recently climbed to its highest level since May as US Treasury intervention in the bond market revived concerns over widening US deficits and their potential impact on the dollar. Elsewhere, the Canadian dollar was little changed as Canadian ministers prepared to announce a response to US tariffs today.
Oil Pulls Back as Iran Tensions Persist: Brent crude has fallen 0.72% this morning to $91.53 a barrel. The decline comes despite renewed pressure on Iran after US Treasury Secretary Scott Bessent threatened economic punishment against countries doing business with Tehran. The campaign risks triggering a clash with China, which accounts for around 90% of Iran’s oil purchases.
Economic Calendar
- German IFO Business Climate Index
- US New Home Sales
- US Consumer Confidence Index
Key Market Moves Today
- S&P 500 Futures: +0.15% (7,681.0)
- US 10-Year Yield: +1.59 bps (4.71%)
- Brent Crude: -0.72% ($91.53)
- Bitcoin: +1.92% ($80,448)
- Spot Gold: -0.1% ($4,647)
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