As the US stock market gears up for Monday's trading session, the benchmark stock indices have mostly edged down, reflecting a cautious sentiment among traders who are eagerly awaiting the minutes from the recent Federal Reserve policy meeting scheduled for later this week. In the premarket activity, futures for the Standard & Poor's 500 dipped slightly by less than 0.1%, while the Nasdaq saw a marginal decrease of 0.1%.
In contrast, the Dow Jones Industrial Average remained relatively unchanged. Across global markets, Asian exchanges exhibited a mixed performance, whereas a majority of European bourses trended upwards, showcasing a varied market reaction to recent economic data. On Wednesday, the Federal Open Market Committee (FOMC) is set to release the minutes from its July policy meeting.
Investors are keenly analyzing these minutes for insights and potential clues regarding future interest rate adjustments. In today's economic calendar, notable data is expected to be released, including the second-quarter e-commerce retail sales report, which will be made available at 10 AM ET, accompanied by the leading indicators index for the previous month. Additionally, Fed Governor Christopher Waller is scheduled to address market participants at 9:15 AM, and his remarks may further influence market dynamics. In company news, shares of FuboTV ($FUBO) experienced a significant surge, skyrocketing by 12% in pre-bell trading.
This increase came after the company secured court approval for a preliminary injunction against the launch of a competing sports-streaming service platform that is backed by major entertainment entities, including Walt Disney ($DIS), Fox Corporation ($FOXA), and Warner Bros. Discovery ($WBD). Moreover, Estee Lauder ($EL.US) and ZIM Integrated Shipping Services ($ZIM) are slated to report their quarterly earnings before the market opens today.
Following the market close, Palo Alto Networks (PANW) will also release its earnings report, making it a day packed with significant financial disclosures. On the commodities front, Bitcoin saw a decline of 2.7%, dipping to $58,097. In the energy sector, West Texas Intermediate crude oil experienced a 1% decrease, settling at $75.85 per barrel.
Additionally, yields on 10-year Treasuries fell slightly, down 1.9 basis points to 3.87%. The precious metal gold also took a step back, retreating 0.3% to reach $2,530 per ounce. The trading landscape is charged with anticipation as investors and analysts look ahead at earnings reports and macroeconomic indicators that could shape market direction..