Steady Stock Futures Amid Cautious Optimism
On Monday, stock futures remained stable as Wall Street seeks further record highs, although traders are expressing caution about the potential outcomes of a summit between President Trump and Vladimir Putin concerning the war in Ukraine.
Futures Movements
The futures for the Dow Jones Industrial Average (YM=F) increased by 0.2%. Meanwhile, the S&P 500 (ES=F) and Nasdaq futures (NQ=F) remained steady, hovering near neutral.
Recent Market Performance
Last week, the Nasdaq Composite (^IXIC) achieved two consecutive record highs, while the S&P 500 (^GSPC) came close to setting a record close on Friday.
Tech Stock Surge
Technology shares saw strong performance, with Apple (AAPL) experiencing its best week since 2020 following favorable attention from the White House. Additionally, Nvidia (NVDA) also reached a new record close amid indications from Trump suggesting that major tech firms might evade imminent chip tariffs.
Trade Policy Speculations
Trump noted his tariffs are positively influencing the stock market, yet Wall Street continues to navigate the complexities of his trade strategies. Recent duties imposed on multiple trading partners went into effect last week, and investors are closely watching for any upcoming trade measures involving semiconductors and pharmaceuticals, along with a critical deadline for a tariff pause with China.
Upcoming Economic Data
Investors will soon receive insights on how these tariffs impact price pressures, with the Consumer Price Index set to release on Tuesday, followed by the Producer Price Index on Thursday and retail sales data on Friday. The inflation rate reaccelerated in June, and experts have cautioned that tariff implications will likely become evident in forthcoming data.
Gold Futures Decline
Meanwhile, gold futures (GC=F) dropped on Monday as traders await clarification regarding the White House’s tariff policies, following a ruling that certain gold bullion bars will incur tariffs.
