U.S. stock futures rose on Monday, as the Dow Jones, Nasdaq 100, and S&P 500 indices rose, following Friday’s mixed close.
Late Sunday, the Donald Trump administration announced that both the U.S. and Iran will "stand down for now," allowing commercial vessels to once again move freely through the critical Strait of Hormuz shipping corridor.
Furthermore, technical implementation talks regarding the initial peace memorandum remain "on track," with a high-level diplomatic summit officially scheduled for Tuesday in Doha, Qatar.
Corporate earnings scheduled for release in this truncated week feature notable updates from Nike Inc. (NYSE:NKE), Constellation Brands Inc. (NYSE:STZ), and General Mills Inc. (NYSE:GIS).
Meanwhile, the 10-year Treasury bond yielded 4.38%, and the two-year bond was at 4.10%. The CME Group’s FedWatch tool‘s projections show markets pricing a 70.6% likelihood of the Federal Reserve leaving the current interest rates unchanged during July’s meeting.
| Index | Performance (+/-) |
| Dow Jones | 0.36% |
| S&P 500 | 0.72% |
| Nasdaq 100 | 1.10% |
| Russell 2000 | 0.17% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 and Nasdaq 100, respectively, were higher in premarket on Monday. The SPY was up 0.95% at $735.90, while the QQQ advanced by 1.13% to $714.36.
Stocks In Focus
Viridian Therapeutics
- Viridian Therapeutics Inc. (NASDAQ:VRDN) jumped 11.45% in premarket on Monday as it announced the U.S. FDA approval and launch of Lumvoa for the treatment of thyroid eye disease.
- Benzinga’s Edge Stock Rankings indicate that VRDN maintains a strong price trend in the short term but a weak trend in the long and medium terms.
Qualcomm
- Qualcomm Inc. (NASDAQ:QCOM) was up 2.65% following last week’s announcements of its deal to purchase AI software company Modular for about $3.9 billion, and raising its long-term outlook at 2026 Investor Day, projecting $40 billion in non-handset revenue by fiscal 2029.
- Benzinga’s Edge Stock Rankings indicate that QCOM maintains a strong price trend in the short, medium, and long terms, with a solid quality score.
Universe Pharmaceuticals
- Universe Pharmaceuticals Inc. (NASDAQ:UPC) surged 222.97% after disclosing that it will acquire Best Praise International for $10.75 million.
- Benzinga’s Edge Stock Rankings indicate that UPC maintains a weak price trend in the short, long, and medium terms.
HP
- HP Inc. (NYSE:HPQ) was 0.31% higher after it announced on Sunday a strategic partnership with OpenAI to integrate the Frontier platform across its business operations and customer-facing services.
- Benzinga’s Edge Stock Rankings indicate that HPQ maintains a strong price trend in the medium term but a weak trend in the short and long terms, with a poor growth score.
Verizon Communications
- Verizon Communications Inc. (NYSE:VZ) was 0.30% lower as it agreed to combine its respective international operations in a 50:50 joint venture with the BT Group, creating a new company focused on multinational connectivity.
- Benzinga’s Edge Stock Rankings indicate that VZ maintains a strong price trend in the long term but a weak trend in the short and medium terms, with a moderate value score.
Cues From Last Session
Health care, consumer discretionary, and real estate stocks led the gains on Friday as most S&P 500 sectors closed higher, though industrials and tech bucked the trend to finish lower. U.S. stocks settled down overall, with the Nasdaq Composite dropping over 50 points to mark its fifth consecutive losing session.
| Index | Performance (+/-) | Value |
| Dow Jones | -0.086% | 51,876.11 |
| S&P 500 | -0.047% | 7,354.02 |
| Nasdaq Composite | -0.24% | 25,297.62 |
| Russell 2000 | 0.074% | 3,010.08 |
Insights From Analysts
Economist Mohamed El-Erian maintains a constructive yet nuanced outlook for the U.S. financial landscape, highlighting a distinct decoupling between economic fundamentals and recent market volatility.
On the economic front, he views the U.S. as notably sturdy, pointing out that a “resilient US economy is now offering some tangible relief to lower-income consumers.”
While the inflation debate persists on Wall Street, El-Erian remains in the camp that expects no further Federal Reserve rate hikes, believing that upcoming data “will prove to be peak inflation for this cycle.”
Conversely, El-Erian attributes recent downward pressure on Wall Street primarily to market technicals rather than a systemic downturn. He emphasizes that the economy’s structural pillars remain intact, noting that “underlying corporate earnings power and AI productivity tailwinds remain robust.”
Instead of fundamental decay, the tech-heavy market dip has been driven by crowded positioning and quarter-end rebalancing, which effectively “divorce price action from underlying economic reality.”
Looking ahead, El-Erian expects the narrative to pivot back toward the production side of the American economy, with upcoming labor and ISM manufacturing data serving as the next crucial litmus tests for growth.
Upcoming Economic Data
Here’s what investors will be keeping an eye on this week.
- On Monday, there are no economic events scheduled.
- On Tuesday, April’s S&P Case-Shiller home price index data will be released by 9:00 a.m., and June’s Chicago business barometer data will be out by 9:45 a.m. ET.
- June’s Conference Board consumer confidence index and May’s Job Openings and Labor Turnover Survey (JOLTS) data will both be released by 10:00 a.m. ET.
- On Wednesday, June’s ADP national employment report data will be released by 8:15 a.m. ET.
- June’s S&P flash U.S. manufacturing PMI will be out by 9:45 a.m., June’s ISM manufacturing PMI, and May’s construction spending data will both be released by 10:00 a.m. ET.
- On Thursday, initial jobless claims for the week ending June 27, June’s nonfarm payrolls employment report, June’s unemployment rate, and June’s month-over-month and year-over-year average hourly earnings data will all be released by 8:30 a.m. ET.
- May’s factory orders data will be out by 10:00 a.m. ET.
- On Friday, there are no economic events scheduled.
Commodities, Crypto, And Global Equity Markets
Crude oil futures were trading higher in the early New York session by 1.31% to hover around $70.14 per barrel.
Gold Spot US Dollar fell 0.82% to hover around $4,055.69 per ounce. The U.S. Dollar Index spot was 0.24% higher at the 101.6490 level.
Meanwhile, Bitcoin (CRYPTO: BTC) was trading 0.92% lower at $59,801.17 per coin, as per the last 24 hours.
Asian markets closed mixed on Monday, as India’s Nifty 50 and South Korea’s Kospi indices fell, while Hong Kong’s Hang Seng, Australia’s ASX 200, Japan’s Nikkei 225, and China’s CSI 300 indices rose. European markets were also mixed in early trade.
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