BlockBeats news, on August 10, according to BIT (Bit.com) market data, U.S. stock index futures edged higher on Monday as investors monitored progress in negotiations between the U.S. and Iran regarding the reopening of the Strait of Hormuz, as well as upcoming inflation data to be released this week.
As of press time, S&P 500 futures rose approximately 0.1%, Nasdaq 100 futures increased 0.2%, and Dow Jones Industrial Average futures fell about 71 points, or 0.1%.
Iran indicates it is close to reaching an agreement with Oman to reopen the Strait of Hormuz, but Tehran still refuses to resume direct negotiations with the United States until its conditions are met. Last week, U.S. Treasury Secretary Bessent suggested that an agreement might be imminent, but Trump subsequently stated that the U.S. is currently only in a "semi-negotiation" phase and wishes to continue applying economic pressure on Iran.
The market is closely watching this week’s U.S. Consumer Price Index (CPI) and Producer Price Index (PPI) data to gauge the Federal Reserve’s future interest rate path.
The unexpectedly contractionary July non-farm payrolls data previously released prompted the market to lower its expectations for Federal Reserve rate hikes. CME FedWatch data shows that traders currently estimate a 44% probability of a Fed rate hike in September, down from 67% a week ago.
Last week, all three major U.S. stock indices posted their best weekly performance since April, with the S&P 500 reaching a record closing high. On Monday, most Asian markets rose, with the Nikkei 225 up 2.1%, the Hang Seng Index up 1%, and the South Korean KOSPI Index up 0.65%.
European stock markets opened flat as investors continued to assess the impact of the Strait of Hormuz situation on energy markets and the global economy. WTI crude oil rose approximately 1% in early trading.