US Stock Futures Slightly Up, Market Focuses on Hormuz Strait Agreement and Inflation Data

August 10th. According to BIT (Bit.com) market data, U.S. stock index futures edged slightly higher on Monday, with investors focusing on the progress of negotiations between the United States and Iran to reopen the Strait of Hormuz, as well as the inflation data to be released this week.

At the time of writing, S&P 500 index futures rose by about 0.1%, Nasdaq 100 index futures rose by 0.2%, and Dow Jones Industrial Average index futures fell by about 71 points, a decline of 0.1%.

Iran indicated that it is close to reaching an agreement with Oman to reopen the Strait of Hormuz, but Tehran still refuses to engage in direct talks with the United States until certain conditions are met. Last week, U.S. Treasury Secretary Yellen had suggested that an agreement might be imminent, but Trump later stated that the U.S. is only in a "half negotiation" phase and expressed a desire to continue exerting economic pressure on Iran.

The market is also watching this week's release of the U.S. Consumer Price Index (CPI) and Producer Price Index (PPI) data to assess the Federal Reserve's future interest rate path.

Previously released July non-farm payroll data unexpectedly contracted, leading to a reduced expectation of a Fed rate hike. CME Group's FedWatch data shows that traders are currently estimating a 44% probability of a Fed rate hike in September, down from 67% a week ago.

Major U.S. stock indices all saw their best weekly performance since April last week, with the S&P 500 index reaching a new closing high. Most Asian markets rose on Monday, with the Nikkei 225 index up 2.1%, the Hang Seng Index up 1%, and the South Korean KOSPI index up 0.65%.

European stock markets opened flat as investors continue to assess the impact of the situation in the Strait of Hormuz on the energy market and the global economy. WTI crude oil rose by about 1% in early trading.