Subscribe to our newsletter! Stay always in touch!
Nothing on this website or any associated links should be considered financial advice. Always consult a qualified financial, tax, or accounting professional before making any financial decisions.
Disclaimer: The information provided by The People’s Economist (TPE) in our financial calculators and dashboards is for general informational purposes only and is not intended to provide specific financial or investment advice. The calculations provided by these tools are based on certain assumptions that may vary with your specific circumstances. Though TPE does our best to assure the accuracy of our calculators, we make certain simplifying assumptions in some cases and the results of the financial calculators are not guaranteed and are not a substitute for professional financial advice. Users should seek the advice of a finance professional before making any financial decisions. Though we do our best to ensure the accuracy of the calculators, TPE is not responsible for any errors or omissions, or for any action taken in reliance on information contained on this website. TPE expressly disclaims all liability in respect of any actions taken or not taken based on any contents of this website. By using TPE financial calculators and dashboards, you agree to hold TPE harmless from any and all losses, liabilities, or expenses incurred as a result of using the information provided. The use of TPE Website and its contents does not create a client relationship with TPE. TPE may update or modify this disclaimer at any time without prior notice. By continuing to use TPE’s financial calculators after any changes to this disclaimer, you accept and agree to any and all modifications. Please contact us with any questions or concerns about this disclaimer or its use of financial calculators
U.S. equity futures rose early Monday after President Donald Trump called off planned strikes against Iran, sending oil prices lower, in the first trading day of the new month.
Futures tied to the Dow Jones Industrial Average rallied 535 points, or 1%. S&P 500 futures advanced 0.6%, and Nasdaq-100 futures climbed 0.2%.
Trump said Sunday he canceled a planned attack on Iran, adding that talks between the two countries would resume Monday. U.S. media reports on Friday said the president was gearing up for a new wave of strikes as hopes for a negotiated settlement to the war diminished and energy prices surged.
Crude prices tumbled in response. Brent oil lost 5.2% to trade at $83.39 per barrel. West Texas Intermediate futures shed 6.2% to $79.45 per barrel.
Treasury yields also fell as worries around inflation dimmed slightly. The benchmark 10-year Treasury yield slid 6 basis points to 4.68%.
That said, "investors are keeping their enthusiasm in check as 'we've been here before' and it's likely the conflict has further to go before reaching a resolution (if it ever does)," wrote Vital Knowledge founder Adam Crisafulli.
Monday marks the first trading day of August, with the major averages looking to stabilize after a volatile July.
Investors will also have a full slate of labor market data to digest this week, culminating on Friday with July's closely-watched non-farm payrolls and unemployment figures on Friday. The U.S. economy is expected to have added 87,500 nonfarm payrolls in July, up from 57,000 jobs the previous month, according to FactSet consensus estimates. The unemployment rate is also set to edge higher, to 4.3% from 4.2%.
Across the Atlantic, stock markets in Europe moved higher, with the Stoxx 600 up 0.3% in morning trade as European carmakers advanced almost 2.3%. Germany's DAX led gains, rising 1.3%, with the French CAC 40 adding almost 1.1%, though the U.K.'s FTSE 100 dipped almost 0.1%.
Asia-Pacific markets ended mixed on Monday. South Korea's Kospi fell over 5%, giving up some of the gains from Friday after clocking its best day on record. Japan's Nikkei 225 slid 0.94%. Australia's S&P/ASX 200 closed 0.47% higher. Mainland China's CSI 300 fell 0.98%.
