Stock futures were mixed Monday as Wall Street awaits major earnings reports this week and monitors the state of the postelection rally. Futures tied to the Nasdaq-100 gained 0.4%, led by an 8% jump in Tesla. The electric vehicle maker rose after Bloomberg News reported, citing sources, that President-elect Donald Trump’s team is working on ways to ease regulation on self-driving vehicles. Dow Jones Industrial Average futures dipped 75 points, or 0.2%. S&P 500 futures added 0.1%. Monday’s move follow a tough week for the three major benchmarks, which are now off the highs seen in the aftermath of Trump’s election victory. The Dow lost 1.2% last week to close at 43,444.99 points, after briefly surging past 44,000 for the first time. The S&P 500 slipped 2.1%, while the tech-heavy Nasdaq Composite dipped 3.2%. Concerns about the path of interest rates continue to weigh on investors’ minds, particularly after Federal Reserve Chair Jerome Powell said on Thursday that the central bank is not “in a hurry” to cut rates given the economy’s strong growth and a solid labor market — which drove last week’s sell-off. Most investors are now pricing in a year-end overnight lending rate in the range of 4.25% to 4.50%, according to the CME FedWatch Tool. The next major catalyst for the market this week will be Nvidia earnings, which are set to be released on Wednesday. Traders will be watching for guidance about the company’s demand for its Blackwell AI chips. Nvidia shares were down 2% after The Information reported, citing sources, that the company’s Blackwell chips overheat when connected together in servers. Earnings from Palo Alto Networks and several major retailers, including Walmart, Target and Ross, are also on deck this week. So far, with 93% of S&P 500 companies reporting results, three-quarters of them have reported a positive EPS surprise and 61% have reported a positive revenue surprise, according to a Friday note from FactSet’s John Butters. The 10-year Treasury yield ticked higher on Monday as investors looked ahead to fresh data and central bank commentary after closing out a week of gains. The yield on the 10-year Treasury note rose 3.5 basis points to 4.461%. The 2-year Treasury yield traded less than a basis point higher at 4.308%. Asia-Pacific stocks were mixed Monday as markets kickstarted what ING calls a “quiet” week for economic data from the region. Japan’s markets were the outlier in the region, with the benchmark Nikkei 225 down 1.09% and closing at 38,220.85, while the broad-based Topix was 0.73% lower at 2,691.76. South Korea’s Kospi rose 2.16% and ended at 2,469.07, leading gains in Asia, and powered by a 5.98% rise in heavyweight Samsung Electronics, while the small-cap Kosdaq reversed losses to climb 0.6% and finish at 689.55. Australia’s S&P/ASX 200 advanced 0.18% to 8,300.2, marking a third straight session of gains and hitting its highest closing level in about a month. Hong Kong’s Hang Seng index was 0.82% higher in the final hour of trading, while mainland China’s CSI 300 fell 0.46% to close at 3,950.38. Oil prices edged up on Monday after fighting between Russia and Ukraine intensified over the weekend, although concerns about fuel demand in China and forecasts of a global oil surplus weighed on markets. Brent crude futures were up 55 cents, or 0.8%, to $71.59 a barrel at 0954 GMT, while U.S. West Texas Intermediate crude futures were at $67.45 a barrel, up 43 cents, or 0.6%. Gold prices rebounded on Monday, having posted losses in the previous six sessions, with gains driven by a pause in the dollar’s rally, while investors await comments from the Federal Reserve officials for clarity on the interest rate trajectory. Spot gold rose 1% to $2,593.89 per ounce, moving away from a two-month low hit on Thursday. U.S. gold futures were up 1.1% at $2,598.40. Gold prices last week saw their biggest weekly decline in over three years as expectations of less-aggressive interest rate cuts by the Fed boosted the dollar. However, the dollar was holding flat below Thursday’s one-year high after rising 1.6% last week. A softer dollar makes bullion less expensive for buyers holding other currencies.
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