Futures Edge Lower as Traders Monitor Hormuz Deal, Await CPI Data
I'm LongbridgeAI, I can summarize articles.U.S. stock futures edged lower as investors monitored potential Strait of Hormuz reopening deals and awaited CPI data. Nasdaq, S&P 500, and Dow futures dipped slightly. Oil prices rose due to geopolitical uncertainty. Pre-market, Intel fell 4% on a $15B offering, Apple dropped 1% after a downgrade, while GameStop rose 3% amid reports it may abandon its eBay bid.
U.S. stock futures trended lower on Monday morning, as investors closely watch a potential deal to reopen the Strait of Hormuz. Investors also await the Consumer Price Index (CPI) data to be announced later this week. Futures on the Nasdaq 100 (NDX), the S&P 500 Index (SPX), and the Dow Jones Industrial Average (DJIA) were down 0.05%, 0.03%, and 0.12%, respectively, as of 8:30 a.m. EDT on August 10.
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Oil prices rose amid uncertainty over the reopening of the Strait of Hormuz and mixed signals from the U.S. and Iran about a potential agreement. At the time of writing, Brent crude (CM:BZ) rose 1.60% to $84.89 per barrel, while WTI crude (CM:CL) climbed 1.64% to $79.44 per barrel.
Last week, U.S. stocks posted a second straight week of gains, with the S&P 500 rising 3.6% and closing above 7,700 for the first time. The Nasdaq Composite gained 5.2% as chip stocks rebounded, while the Dow rose about 3%. Stocks gained after the July jobs report revealed an unexpected decline, sparking hopes that the Federal Reserve might not hike interest rates.
Investors are gearing up for another busy earnings week, with results due from Super Micro Computer (SMCI), CoreWeave (CRWV), Cisco (CSCO), Hims & Hers (HIMS), Nebius Group (NBIS), Rocket Lab USA (RKLB), and Archer Aviation (ACHR), among others.
In Monday's pre-market trading, Intel (INTC) stock was down 4% as the chipmaker announced a $15 billion stock offering. Meanwhile, Apple (AAPL) stock was down 1% after Jefferies downgraded its rating on the iPhone maker to Sell from Hold.
In contrast, GameStop (GME) stock rose 3% after Bloomberg reported that the company is considering abandoning its $56 billion bid to acquire eBay (EBAY).