US Futures Remain Muted

The Dow Jones Index is falling 277 points. Losses were driven by Alphabet (-2.49%), Amazon (-1.69%) and Boeing (-1.34%). Biggest rises came from Chevron (2.84%), Walmart (0.77%) and Cisco Systems (0.67%).

US stock indices fell on Monday as higher oil prices added to inflation risks and consolidated concerns of an incoming rate hike by the Federal Reserve. The S&P 500, Nasdaq 100, and Dow fell over 0.5%. Wholesale prices for oil and products gained traction after the US and Iran delivered fresh strikes against each other. The developments followed their respective signals of blockades for tankers and vessels in the Persian Gulf, prolonging the suspension of exports from the region. Yields across the curve rose and equities for credit-sensitive sectors were under pressure. Microsoft, Alphabet, and Amazon dropped more than 1%. Banks and credit providers also dropped with Citi, Morgan Stanley, and Amex losing 1%. Meanwhile, Nvidia was flat after announcing a $3.5 billion stake in MediaTek, increasing its net of exposure in the global chip production and AI infrastructure. The S&P 500 gained 2.5% on August, while the Nasdaq 100 jumped 3.8% and the Dow rose 1.4%.

US equity indices were mostly lower on Monday as higher oil prices consolidated the recent concerns of an incoming rate hike by the Federal Reserve. Contracts for the S&P 500 and Nasdaq 100 fell up to 0.5%, while those for the Dow were marginally below the flatline. Wholesale prices for oil and products gained traction after the US and Iran delivered fresh strikes against each other. The developments followed their respective signals of blockades for tankers and vessels in the Persian Gulf, prolonging the suspension of exports from the region. Yields across the curve rose and equities for credit-sensitive sectors were under pressure. Microsoft, Palantir, Alphabet, and Tesla dropped up to 1% premarket. Banks and credit providers also fell, with JPMorgan and Visa down 0.7%.