U.S. stock index futures are rising ahead of the Aug. 5 session open (ES00: +0.46%), aiming to lock in the results of the powerful rally seen in the previous session.
The market’s focus is on the prospects of reaching an agreement with Iran to open the Strait of Hormuz, as well as the latest reports from companies such as SpaceX and Advanced Micro Devices.
Treasuries dipped slightly after the ADP employment data came in weaker than expected, but quickly recovered. Trading was also influenced by the Treasury Department’s statement that it plans to keep auction sizes unchanged for at least the next few quarters.
The U.S. dollar is declining against major global currencies, while the euro rose 0.14% to $1.155. Meanwhile, Bessent said the U.S. will do “whatever it takes” to support Japan in its efforts to strengthen the yen following last week’s joint intervention by U.S. and Japanese authorities.
Oil prices are fluctuating on news about the situation in the Middle East. While they had been falling on expectations of a deal with Iran to open the Strait of Hormuz, a report of a Houthi attack on a Saudi tanker prompted a rebound. The September WTI crude oil future is at $76.05 a barrel (+0.37%).
Gold prices continued to rise for a third session in a row. The December gold future is around $4250 an ounce (+2.35%).