TLDR
- US stock futures were mixed Monday, with S&P 500 and Nasdaq futures slightly up, Dow futures slightly down
- Investors are waiting for Wednesday’s Consumer Price Index report, forecast to show 3.4% inflation
- The Fed remains divided on whether to raise rates in September after a weak jobs report Friday
- Oil prices held steady around $84 per barrel as Iran suggested a Hormuz Strait deal is “very close”
- Several AI infrastructure companies report earnings this week, giving insight into the AI spending boom
US stock futures opened the week in a holding pattern on Monday as investors braced for a key inflation reading that could shape the Federal Reserve’s next move on interest rates.
Nasdaq 100 futures rose 0.4%, S&P 500 futures added 0.1%, while Dow Jones futures slipped slightly, down less than 0.1%. The moves follow a positive week for all three major indexes.
Markets closed higher on Friday after a softer-than-expected jobs report reduced pressure on the Fed to act aggressively on rates. That report gave investors some breathing room heading into this week.
Inflation Data Takes Center Stage
The main event this week is Wednesday’s Consumer Price Index report. Economists expect consumer prices rose at a 3.4% annual rate last month, down from 3.5% in June.
Key Events This Week:
1. July Existing Home Sales data – Tuesday
2. OPEC Monthly Report – Wednesday
3. July CPI Inflation data – Wednesday
4. July PPI Inflation data – Thursday
5. July Retail Sales data – Friday
6. August MI Consumer Sentiment data – Friday
It's a big week…
— The Kobeissi Letter (@KobeissiLetter) August 9, 2026
The Fed has kept markets guessing about a potential September rate hike. Officials say they are watching inflation closely and are prepared to act if prices come in hotter than expected.
Bob Edwards, chief investment officer at Edwards Asset Management, said a calm inflation number could give markets the green light to push higher. He added that investors should still expect a bumpy ride.
The Fed is also watching oil prices, which have been affected by the ongoing conflict in the Middle East. Iran indicated over the weekend that a deal to reopen the Strait of Hormuz is “very close.”
Oil and AI Earnings in Focus
Brent crude futures were trading around $84 per barrel on Monday. Oil prices have been volatile as markets track developments around the Hormuz Strait, a key route for global energy supplies.
On the earnings front, most of the S&P 500 has already reported. Over 80% of companies have released their results, making this a quieter week for corporate earnings.
Still, several names in the artificial intelligence infrastructure space are due to report. Companies including CoreWeave, Nebius, Cerebras Systems, and Super Micro Computer are all on the calendar.
These results are expected to give investors a clearer picture of how much money is being spent building out AI systems and data centers.
The S&P 500 and Nasdaq remain within reach of all-time highs. The market’s next move may depend heavily on what the CPI report shows Wednesday morning.
Analysts and investors will be watching closely to see whether inflation gives the Fed room to hold rates steady at its September meeting.
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