On the stock market front, as of today, the S&P 500 Index is up 0.21%, the Dow Jones Industrial Average has increased by 0.54%, and the Nasdaq 100 Index is up 0.50%, reaching a 2.5-week high. This uptick follows last Friday’s holiday and is largely driven by growth in chipmakers and AI infrastructure stocks. September E-mini futures for the S&P and Nasdaq are also showing gains of 0.20% and 0.49%, respectively.
In geopolitical news, crude oil prices surged over 2% overnight due to Iran’s threat to close the Strait of Hormuz as tensions with Israel escalated. However, prices retreated after reports of significant progress in US-Iran peace talks, including a planned high-level committee to oversee discussions. The British pound is under pressure amid potential leadership changes with Keir Starmer announcing his resignation as British Prime Minister, prompting concerns over economic stability.
Globally, the Euro Stoxx 50 is up 0.40%, with Japan’s Nikkei-225 reaching an all-time high after climbing 1.55%. Notably, the 10-year T-note yield has risen to 4.489%, reacting to the Federal Reserve’s outlook on interest rates and upcoming Treasury auctions totaling $211 billion this week.
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