Futures tracking major US equity indices were little changed on Monday, consolidating last week’s gains as investors awaited new catalysts that could influence energy prices and global interest rates. The S&P 500 and the Dow hovered near record highs, while the Nasdaq 100 also traded sideways. Interest-rate futures indicated that a slim majority of participants now expect the Federal Reserve to keep rates unchanged at its meeting next month.
The outlook for monetary policy shifted after nonfarm payrolls unexpectedly declined in July, challenging the prevailing narrative of a robust labor market that hawkish FOMC members had repeatedly cited—especially in the wake of multiple dissents at the Fed’s last meeting. At the same time, fuel prices remained below recent highs despite ongoing risks of extended supply disruptions for Persian Gulf crude.
In premarket trading, most mega-cap technology names were higher after several brokers pointed to strong demand for cloud services, lifting Meta, Amazon, and SpaceX into positive territory. By contrast, Intel slipped more than 3% before the open after announcing plans to issue $15 billion of new stock.
