Global Markets

By Dow Jones Newswires Staff

U.S. stock futures rose, tracking the higher close on Wall Street Monday after investors scooped up stocks at lower valuations following last week's falls. Also boosting sentiment, rising expectations that the Federal Reserve will cut interest rates in September as President Trump moves to make some key hires in the Fed's governing board and at the Bureau of Labor Statistics. Meanwhile, there's a new trade deadline on Thursday with some countries still racing to renegotiate tariffs. Switzerland, threatened with a 39% rate, said it is prepared to make concessions to lower it.

Earnings today come from Fox, Pfizer and Kellogg, and later from News Corp, AMD and Amgen.

• U.S. futures for the S&P 500 and Nasdaq were up 0.2% and futures for the Dow Jones Industrial Average increased 0.1%. Global stock markets rose in a broad-based rally, with Asian bourses ending higher and a firmer start in Europe where the pan-European Stoxx Europe 600 gained 0.4%. The U.K.'s FTSE 100 added 0.3%.
• The Swiss Market Index of leading stocks rose 0.35% in early trade, while the Swiss franc was pretty much flat against the euro after the latter hit an 11-day high against the currency on Monday.
• The dollar was steady against a basket of currencies early in Europe after hitting a one-week low earlier as markets bet on increased odds of a Fed rate cut.
• Two- and 10-year U.S. Treasury yields edged higher, with focus shifting to this week's debt supply. On Tuesday, the Treasury will auction $58 billion in three-year notes, alongside $50 billion in 52-week and $85 billion in six-week Treasury bills. After Tuesday's auctions, the Treasury will also sell 10-year notes on Wednesday and 30-year bonds on Thursday. The two-year Treasury yield was last up 2.3 basis points to 3.702%; the 10-year Treasury yield rose 0.8 basis point and the 30-year was flat, according to Tradeweb. Bond market watchers are pricing in nearly 90% odds of a September rate cut and additional easing by year-end.
• Oil prices fell as traders weighed OPEC+'s latest output hike and President Trump's tariff threats on India for its purchases of Russian oil. Brent crude was last down 0.6% to $68.35 a barrel, while WTI was down 0.7% to $65.82 a barrel after settling more than 1% lower in the previous session. "The market remains caught between bearish fundamentals and geopolitical risk," said MUFG analyst Soojin Kim.

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