Week Ahead: 1. July Existing Home Sales data - Tuesday 2. OPEC Monthly Report - Wednesday🚨 3. July CPI Inflation data - Wednesday🚨 4. July PPI Inflation data - Thursday🚨 5. July Retail Sal
1. July Existing Home Sales data - Tuesday
2. OPEC Monthly Report - Wednesday🚨
3. July CPI Inflation data - Wednesday🚨
4. July PPI Inflation data - Thursday🚨
5. July Retail Sales data - Friday
6. August MI Consumer Sentiment data - Friday
• Brent crude rose above $84 a barrel and WTI neared $79 after Iran hardened its conditions for reopening the Strait of Hormuz, reversing last week's 7% drop on hopes for a deal. Reports of an Iranian missile strike on a tanker and a Houthi drone attack on a Saudi Aramco refinery added to Gulf supply fears.
• The dollar index hovered near 99.6, its weakest since June 2, after Friday's shockingly weak nonfarm payrolls report (-23,000 vs. +80,000 expected) slashed September rate-hike odds to about 45% from 57%. Traders are now bracing for this week's CPI data for further clues on the Fed's path.
• Spot gold sits around $4,336-4,360 an ounce after jumping on the weak jobs data and falling rate-hike expectations, which pressured real yields and the dollar. Lingering Iran-related geopolitical risk is keeping bullion well-bid as a safe haven.
• The S&P 500 gained 3.6% and the Nasdaq jumped 5.2% last week, both posting their best weekly performance since April on strong Big Tech earnings. Nvidia, Micron, and Apple have driven the bulk of the S&P 500's 13.7% year-to-date gain, with CoreWeave, Supermicro, Cisco, and Applied Materials earnings due this week to test the AI trade further.
• Bitcoin is little changed near $65,000, up modestly on the day but still down nearly 44% from a year ago, while Ethereum has surged almost 8% and XRP has dropped 6.6% recently. Crypto-adjacent equities like Bitdeer, Forward Industries, and Bit Digital report earnings this week after a rough first quarter.
• President Trump signaled he'll rely on economic pressure rather than renewed strikes against Iran, even as Tehran added fresh demands including sanctions relief and a full naval withdrawal before reopening Hormuz. U.S. gasoline prices have climbed back above $4 a gallon, fueling concerns about a political and economic drag ahead of the midterms.
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