The Money Edit

Opening bell

Opening bell

S&P futures 7,674 0.22%
Kospi 6,697 3.1%
10Y Treasury 4.71%
Nasdaq futures 0.72%
Hang Seng 2.1% to 25,465
Brent crude 1.4% to $93.10

Samsung stumble drags Asian chips, yields stay high

Overnight

Wall Street bounced on Friday, with the S&P 500 up 0.4 percent and the Dow up 1 percent, but all three main indexes still finished the week lower after a rough stretch for government bonds. Asia was ugly overnight, as South Korea's Kospi fell 3.12 percent to 6,696.96 with Samsung Electronics down 8.7 percent after a shareholder return plan that gave no detail on a stock buyback, and Hong Kong's Hang Seng lost 2.1 percent to 25,465.23. Europe is close to flat this morning with the Stoxx 600 at 654.38, and US futures point slightly lower, with S&P 500 futures down 0.22 percent and Nasdaq futures down 0.72 percent.

What to watch

Treasury Secretary Scott Bessent is due this afternoon to detail sanctions designed to cut Iran out of the global financial system, and Iran has threatened to shut down Gulf oil exports in response, so energy prices are the live wire, alongside a breakdown in US and Canada trade talks over the weekend. Bonds are the other pressure point, with the 10 year Treasury yield at 4.71 percent and the 30 year near its highest since 2007, which matters because higher yields raise borrowing costs across the economy and make safe bonds more competitive with stocks. Later this week brings Nvidia earnings on Wednesday, the July reading of PCE inflation on Wednesday, which is the price gauge the Federal Reserve watches most closely, and a Jackson Hole speech from the Fed's Kevin Warsh on Friday.

Sources