Closing Recap

U.S. stock futures indicate a lower open, pulling back after back-to-back weekly gains, as investors monitor high-stakes geopolitical talks involving the U.S., Russia, and Ukraine, and look ahead to Fed Chair Powell’s Jackson Hole speech on Friday. 

Key Takeaways 

• Futures Edge Lower: Equities are poised for a slightly negative start to the week, consolidating after a strong recent run that saw major indices post two consecutive weekly advances. 
• Geopolitical Focus: High-stakes meetings between President Trump, Ukrainian President Zelensky, and European leaders are a key focus, following last week’s unsuccessful U.S.-Russia ceasefire summit. Trump’s comments on Crimea and NATO are being closely watched. 
• Powell’s Jackson Hole Speech Looms: Investor attention is fixed on Federal Reserve Chairman Jerome Powell’s upcoming speech at the Jackson Hole symposium this Friday for crucial clues on future monetary policy. 
• Busy Earnings Week (Retail): Key earnings reports are due this week from major retailers like Walmart (WMT) and Home Depot (HD). 
• Global Markets Mixed: Asian markets were mixed overnight, with Japan seeing gains while Hong Kong slipped. European markets are trading lower. 
• Oil & Gold Gain, Crypto Slips: Crude oil and gold prices are advancing amid geopolitical uncertainty, while cryptocurrencies like Bitcoin and Ethereum are pulling back from recent highs. 

Market Overview 

U.S. equity markets are set for a cautious and slightly lower open this morning as investors begin a week dominated by high-stakes geopolitical negotiations and anticipation of a key speech from Federal Reserve Chairman Jerome Powell. Futures are edging lower after major U.S. indices posted two consecutive weeks of gains, driven by a resilient “buy the dip” mentality and a surprisingly strong Q2 earnings season. 

Index (Futures)	Up/Down	% Change	Last
Dow	-70	-0.0016	44970
S&P 500	-10.25	-0.0016	6461
Nasdaq	-39.5	-0.0017	23764

The primary focus today is on a series of critical meetings in Washington. President Trump is set to meet with Ukrainian President Volodymyr Zelensky, just hours after issuing a statement via Truth Social suggesting Ukraine “can end the war with Russia almost immediately” and that there would be “no getting back Crimea and no going into NATO.” These comments come after last week’s Alaska summit between Trump and Russian President Vladimir Putin failed to produce a ceasefire. Trump is also scheduled to host several European leaders, keeping geopolitical and trade-related headlines at the forefront. 

With a light economic calendar today, investors are looking ahead to the Federal Reserve’s annual Jackson Hole economic symposium, which culminates in a speech from Chairman Powell on Friday. His remarks will be intensely scrutinized for any shifts in the central bank’s outlook on inflation, growth, and the path of interest rates. In the meantime, the Q2 earnings season continues, with major retailers like Walmart and Home Depot set to provide important updates on the health of the U.S. consumer this week.

Economic Calendar

Today’s U.S. economic calendar is very light, featuring the NAHB Housing Market Index. 

• 10:00 AM ET: NAHB Housing Market Index for August 

Earnings Calendar: 

• Before the Open: BTDR, CBAT, CRGO, RSKD 
• After the Close: API, BLNK, FLXS, FN, NYXH, PANW, WALD, XP 

Key This Week: 

• Fed Chair Powell’s Jackson Hole Speech (Friday). 
• Earnings from Walmart (WMT) and Home Depot (HD). 

Commodities, Currencies, and Treasuries 

Crude oil prices are trading modestly higher, with WTI around $63.00/bbl, as the market weighs the impact of ongoing geopolitical talks and Trump’s softening stance on Russian sanctions against planned OPEC+ supply increases. Crude has lost over 10% in August on political and economic uncertainty. Gold prices are also advancing, with spot gold at $3,394.20 (+0.5%), benefiting from safe-haven demand amid the geopolitical uncertainty. 

Asset	Up/Down	Unit / % Change	Last
WTI Crude	0.2	USD/bbl	63
Brent	0.28	USD/bbl	66.13
Gold	11.6	USD/oz	3394.2
EUR/USD	-0.0023	USD	1.168
USD/JPY	0.24	JPY	147.43
10-Year Note	-0.033	%	0.04295

The U.S. dollar is mixed, with the Euro and Aussie dollar gaining while the Yen strengthens as a safe haven. U.S. Treasury yields are slightly lower, with the 10-year yield down about 3 basis points to 4.295%, reflecting a cautious market tone. Cryptocurrencies are pulling back, with Bitcoin down 2.1% to below $116,000 and Ethereum down over 4%.

Looking Ahead 

The market will be highly sensitive to any headlines emerging from the meetings between President Trump, President Zelensky, and other European leaders. The primary focus for the week, however, remains Fed Chair Powell’s Jackson Hole speech on Friday, which will be the most significant potential market-moving event. In the interim, earnings reports from major retailers will provide a key read on consumer health. The direction of oil prices will also be a critical indicator of geopolitical risk perception.