Nasdaq 100 futures faced pressure on Monday morning, led by Nvidia Corp. with a third day of losses as tech valuations cooled off. Bloomberg reported that contracts on the Nasdaq 100 fell 0.2%, while S&P 500 futures remained flat. Nvidia dropped 3% in early trading, lowering its market value below Apple Inc. and Microsoft Corp. Eurofins Scientific SE from France experienced a 20% loss after being targeted by Carson Block’s Muddy Waters investigation.
Political risks are on the horizon as the first round of French parliamentary elections approaches, along with the first US presidential debate between Joe Biden and Donald Trump. Despite these uncertainties, signs of robust economic growth continue to support global stocks. The US core PCE reading on Friday is expected to confirm easing price pressures, potentially leading to an interest rate cut in September. Currently, there is a 65% chance of a rate cut in September as predicted by markets.
The Bloomberg Dollar Index decreased by 0.2%, following a five-week rally. The yen surged around the 160 mark, and Deputy Finance Minister Masato Kanda stated readiness to intervene to support it if necessary. In Europe, the Stoxx 600 index rose by 0.5%, driven by auto stocks benefitting from China and the EU starting talks on tariffs for electric vehicle imports. Additionally, online fashion retailer Shein has confidentially filed to list shares in London.
Bitcoin continued its losses, dropping 3% to trade at around $61,200 due to fund outflows from US ETFs and concerns about the Federal Reserve’s ability to cut rates swiftly. Key events for the week ahead include speeches from central bank officials, CPI data from various countries, and economic indicators such as US Consumer Confidence and GDP reports. Major movements in markets included mixed stock futures, slight changes in currency values, stable bond yields, and fluctuations in oil and gold prices. This summary was compiled with the assistance of Bloomberg Automation.
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