Ukraine proposes $100 bln US weapons deal for security guarantees - FT
Investing.com-- U.S. stock index futures moved little on Monday evening as investors stuck to the sidelines in want of more economic cues from the Jackson Hole Symposium and a host of major retail earnings due this week.
Futures were flat after a largely rangebound session on Wall Street, with focus also on the Donald Trump administration’s attempts to broker peace between Russia and Ukraine.
S&P 500 Futures steadied at 6,467.50 points, while Nasdaq 100 Futures fell slightly to 23,786.25 points by 20:27 ET (00:27 GMT). Dow Jones Futures were flat at 44,975.0 points.
Intel Corporation (NASDAQ:INTC) was a standout performer in aftermarket trade, rising 5.4% after Japan’s SoftBank (TYO:9984) said it will invest $2 billion in the struggling chipmaker.
Wall St rangebound with Jackson Hole awaited for more rate cues
Wall Street indexes were largely rangebound on Monday in anticipation of Federal Reserve Chair Jerome Powell’s address at the Jackson Hole Symposium later this week.
Focus will be squarely on whether Powell will signal any potential interest rate cuts, especially amid some signs of cooling in the labor market and consumer inflation.
Markets are widely anticipating the Fed to cut rates by 25 basis points in September. But strong producer inflation data for July raised some doubts over a rate cut next month, especially amid concerns over the inflationary impact of Trump’s trade tariffs.
Powell has so far remained largely non-committal towards future interest rate cuts, citing heightened uncertainty over trade tariffs and a still robust labor market.
The S&P 500 ended flat at 6,449.16 points on Monday. The NASDAQ Composite steadied at 21,629.77 points, while the Dow Jones Industrial Average fell slightly to 44,912.19 points.
Retail earnings, Russia-Ukraine talks in focus
Focus this week is also on June-quarter earnings from a slew of major retailers, including Walmart Inc (NYSE:WMT), Target Corporation (NYSE:TGT), Home Depot Inc (NYSE:HD), and TJX Companies Inc (NYSE:TJX).
The prints, especially from no.1 retailer Walmart, are expected to provide more cues on the health of the American consumer, especially amid potential disruptions in spending and supply due to Trump’s tariffs.
Other major earnings prints due this week include Alibaba Group (NYSE:BABA), Baidu Inc (NASDAQ:BIDU), Workday Inc (NASDAQ:WDAY), and Analog Devices Inc (NASDAQ:ADI).
Markets are also watching attempts by the Trump administration to end the Russia-Ukraine war, after the president met Ukrainian President Volodymyr Zelensky and a host of European leaders on Monday.
Trump flagged a productive meeting, and said that he will now attempt to arrange a meeting between Zelensky and Russia’s Vladimir Putin, which could open the door for trilateral talks over a comprehensive peace deal.