U.S. Stock Futures Slightly Rise, Focus on Hormuz Strait Agreement and Inflation Data

U.S. stock index futures rose slightly on Monday as investors focused on the progress of negotiations between the U.S. and Iran regarding the reopening of the Hormuz Strait, as well as upcoming inflation data. As of the time of writing, S&P 500 futures were up about 0.1%, Nasdaq 100 futures rose by 0.2%, while Dow Jones Industrial Average futures fell by about 71 points, a decline of 0.1%. Iran stated that it is close to reaching an agreement with Oman to reopen the Hormuz Strait but continues to refuse direct negotiations with the U.S. until relevant conditions are met. The market is also paying attention to the U.S. Consumer Price Index (CPI) and Producer Price Index (PPI) data to assess the Federal Reserve's future interest rate path. Previously released non-farm payroll data for July unexpectedly contracted, leading the market to lower expectations for a rate hike by the Federal Reserve. According to CME FedWatch data, traders currently estimate the probability of a rate hike in September at about 44%, down from 67% a week ago. All three major U.S. stock indices posted their best weekly performance since April last week, with the S&P 500 index reaching a new all-time closing high.

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