TLDR
- S&P 500 and Nasdaq 100 futures are rising in premarket after Monday’s tech selloff
- Bitcoin surged above $80,000 for the first time in three months
- New US sanctions on Iran had little impact on oil prices or market sentiment
- Nvidia reports earnings Wednesday, with markets watching for AI spending signals
- Fed Chair Kevin Warsh delivers his first Jackson Hole speech later this week
US stock futures are pushing higher Tuesday morning as investors look past new Iran sanctions and focus on two big events later this week: Nvidia’s earnings report and the Federal Reserve’s Jackson Hole Symposium.
Nasdaq 100 futures rose 0.76% in premarket trading, recovering from a tech-driven selloff on Monday. S&P 500 futures climbed 0.36% and Dow futures gained 0.39%, adding 207 points.
Monday saw the Nasdaq Composite close in the red, dragged down by concerns over AI spending by big tech companies. The Dow was the only major index to finish the session in positive territory.
Iran Sanctions Fail to Rattle Markets
Treasury Secretary Scott Bessent announced sanctions on more than 60 entities, individuals, and vessels linked to Iran on Monday. The move had limited market impact.
Oil prices actually fell despite the sanctions. Brent crude dropped 0.8% to $89.84 a barrel, while US benchmark WTI slipped 0.7% to $84.37 a barrel. Analysts at ING described the market reaction as treating the sanctions as “marginal rather than market-moving.”
The sanctions also raised concerns about the Strait of Hormuz remaining closed, but that too failed to push oil higher.
Bitcoin Breaks $80,000
Bitcoin crossed $80,000 for the first time in three months. The move came after the Treasury’s bond market actions raised fresh concerns about dollar debasement, pushing investors toward alternative assets.
Gold had also rallied in recent days but paused Tuesday.
Nvidia in Focus
Nvidia reports after the bell Wednesday. The chipmaker has posted seven straight days of losses, and its earnings are being closely watched as a signal for AI capital spending across the sector.
Marvell Technology also reports Thursday, adding to the picture on AI hardware demand.
Jackson Hole and Economic Data
Fed Chair Kevin Warsh is set to deliver his first speech as Federal Reserve chairman at the Jackson Hole Symposium, which begins Thursday. Markets are looking for any hints about how the Fed plans to address ongoing inflation concerns.
Before then, Tuesday brings new home sales data, ADP employment figures, and manufacturing activity numbers. A PCE inflation reading follows on Wednesday.
US Treasury yields edged higher in early trading. The 10-year yield rose to 4.710% and the 30-year reached 5.237%.
Dick’s Sporting Goods fell 13% before the open after missing second-quarter expectations and cutting its full-year outlook. Intuit and Zoom Communications are also reporting earnings Tuesday.
Asian markets broadly declined overnight, weighed down by the Iran sanctions announcement and Nvidia’s recent losing streak.
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