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Global stocks slip and oil eases ahead of Iran sanctions
Oil futures fell more than 1% as investors took profits, while markets weighed the timing of Fed policy signals ahead of Jackson Hole.
Global stocks slipped on Monday and oil prices eased as investors looked ahead to details of threatened U.S. sanctions on Iran. Reuters reported the U.S. Treasury Secretary Scott Bessent was scheduled to outline the sanctions later on Monday.
The report said some oil traders took profits after big gains last week, with oil futures down more than 1% ahead of the announcement. The sanctions threat is tied to Iran’s continued control over the Strait of Hormuz, with no sign of relinquishing control.
In the background, investors also focused on the upcoming Nvidia results and the risk that the tech sector could struggle to meet elevated expectations. Reuters cited analyst expectations for quarterly revenue to nearly double to around $92 billion, with full-year earnings guidance seen in a range of $103 billion to $105 billion.
Markets additionally waited for clarity on U.S. interest rates as Federal Reserve Chair Kevin Warsh speaks in Jackson Hole on Friday. Reuters said markets imply around a 40% chance the Fed will raise rates at its September 16 meeting, and that the odds are expected to shift depending on upcoming U.S. inflation data.