The Money Edit

Opening bell

Opening bell

S&P futures 0.3%
Nasdaq futures 0.6%
Brent crude $89.41 3%
Nasdaq Composite Monday 0.8%
Gold 0.6% to $4,695
Bitcoin 0.9% to $79,137

Futures steady before Nvidia and Jackson Hole

Overnight

Monday closed split. The S&P 500 slipped 0.3% and the Nasdaq Composite fell 0.8% as memory chip makers sold off, while the Dow rose 0.3% as investors moved money out of technology and into steadier blue chip names. Asian shares broadly fell overnight after the Treasury announced a new round of sanctions on Iran, but US futures have recovered this morning, with S&P 500 futures up 0.3% and Nasdaq 100 futures up 0.6%. Oil dropped hard, with Brent crude down 3% to $89.41 a barrel.

What to watch

Three US releases land this morning: new home sales, ADP's weekly employment change, and a manufacturing activity reading. None of them is likely to move the market much on its own, because the week's two real events come later. Nvidia reports second quarter results after Wednesday's close, which matters because so much of this year's rally rests on spending for artificial intelligence, and the Fed's Jackson Hole symposium runs Thursday to Saturday, with new Chair Kevin Warsh giving his first keynote in the job on Friday at a moment when traders are pricing roughly a one in three chance that the Fed raises rates in September rather than cuts them.

Sources