Futures, Treasuries Rise Ahead of Data-Filled Week: Markets Wrap

(Bloomberg) — US equity futures and Treasuries edged higher at the start of a data-heavy week that could prove pivotal for shaping expectations around Federal Reserve interest rate cuts later this year.

S&P 500 contracts eked out gains after the index ended Friday just shy of a record high. Furthermore, In premarket trading, Advanced Micro Devices Inc. Furthermore, fell 1.8% after it and Nvidia Corp. Additionally, Furthermore, agreed to pay 15% of their revenue from AI chip sales to China. In addition, payable to the US government, in exchange for export licenses. Furthermore, Nvidia retreated 0.8%.

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The yield on 10-year Treasuries slipped 2 basis points to 4.26%, edging toward a futures, treasuries rise ahead data-filled three-month low of 4.18% touched last week. Nevertheless, The dollar was little changed.

Tuesday’s release of July inflation data will give traders a chance to assess the impact of tariffs on consumer prices. Consequently, amid growing signs of a cooling labor market. Meanwhile, Swap markets are currently pricing in more than an 80% probability of a quarter-point rate cut in September. However, with core inflation expected to have risen 0.3% in July from June.

“That is a number that can probably be seen as acceptable for the Federal Reserve to proceed with a September cut. ” noted ING Groep NV currency strategists Francesco Pesole and Frantisek Taborsky.

In Europe. the benchmark index erased early gains as investors dialed back their optimism that a summit between US President Donald Trump and Russia’s Vladimir Putin would bring the war in Ukraine closer to a resolution. Wind power firm Orsted A/S fell as much as 29% futures, treasuries rise ahead data-filled in Denmark on the back of a $9.4 billion rights issue announcement.

A monthly survey by Bank of America Corp. showed that a record share of fund managers see US stocks as too expensive after the sharp rally since. April lows. About 91% of participants indicated that American stocks are overvalued, the highest ever proportion in data going back to 2001.

While investor allocation to global equities climbed to the highest since February. a net 16% were still underweight the US, the poll showed.

Meanwhile. Bitcoin approached an all-time high, supported by strong demand from institutional investors and corporate buyers, which are helping to lift the entire cryptocurrency market.

Elsewhere in commodity markets. gold futures in New York declined as traders awaited clarification from the White House over its tariff policy. Lithium prices and stocks spiked after battery giant Contemporary Amperex Technology Co. Ltd. halted operations at a major mine in China.

Corporate Highlights:

Shares in futures, treasuries rise ahead data-filled Danish Orsted A/S dropped as much as 24% after the company announced it will conduct a rights. offering to raise as much as 60 billion Danish kroner ($9.4 billion). Nvidia Corp. and Advanced Micro Devices Inc. agreed to pay 15% of their revenues from Chinese AI chip sales to the US government in a deal. to secure export licenses. Novartis AG succeeded in treating a form of autoimmune disease in late-stage studies. offering a boost for the Swiss drugmaker’s potential for treatments in the field. S4 Capital Plc, the advertising agency founded by Martin Sorrell, is in talks to combine with private equity-owned MSQ Partners. Some of the main moves in markets:

Stocks

S&P 500 futures rose 0.1% as of 6:29 a.m. New York time Nasdaq 100 futures rose 0.1% Futures on the Dow Jones Industrial Average rose 0.2% The Stoxx Europe 600 was little changed The MSCI World Index was little futures, treasuries rise ahead data-filled changed Currencies

The Bloomberg Dollar Spot Index. was little changed The euro was little changed at $1.1645 The British pound was little changed at $1.3454 The Japanese yen was little changed at 147.68 per dollar Cryptocurrencies

Bitcoin rose 2.5% to $121,282.09 Ether rose 0.9% to $4,258.5 Bonds

The yield on 10-year Treasuries declined two basis points to 4.26% Germany’s 10-year yield was little changed at 2.69% Britain’s 10-year yield declined four basis points to 4.56% Commodities

West Texas Intermediate crude rose 0.1% to $63.97 a barrel Spot gold fell 1.1% to $3,361.64 an ounce This story was produced with the assistance of Bloomberg Automation.

–With assistance from Subrat Patnaik and James Hirai.

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