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S&P 500 sets record as Iran nuclear deal concerns linger
S&P 500 futures rose 0.1% as markets weighed a stronger prior week and expectations that the Fed may pause, with rate hike odds for September falling to 44.0% from 67.0% a week earlier.
U.S. stock index futures pointed to modest gains Monday as investors balanced a fresh record-high close for the S&P 500 against renewed uncertainty around efforts to resolve the U.S. and Iran dispute. The S&P 500 futures contract was up 0.12% and the Nasdaq-100 equivalent climbed 0.38%, while Dow Jones Industrial Average futures were hovering just below flat.
Energy markets also reflected the Middle East backdrop, with WTI crude up more than 1% and Brent crude trading around $84 per barrel. The rally came after the three major indexes posted their strongest week since April, including a new all-time closing high for the S&P 500.
Last Friday, a weaker-than-expected July jobs report supported the risk-on move, with nonfarm payrolls surprising to the downside. Following that data, markets cut their expectations for Fed tightening, assigning about a 44.0% chance of a September rate increase, according to CNBC.
On the Iran front, Iran’s foreign minister said talks could not resume while Washington is in breach of a June memorandum and has not repaired those breaches, as reported by Tasnim News Agency. Tehran also outlined conditions tied to restoring access through the Strait of Hormuz, including a full U.S. troop pullout, lifting all sanctions, and war reparations, according to The Wall Street Journal, even as other signals suggested a possible path to a deal.
Latest closeWTI crude $91.10 ▲3.2%|Brent $103.93 ▲3.7%|S&P 500 7,765.36 ▼0.5%