5 Things to Know Before the Stock Market Opens

• S&P 500 and Nasdaq futures rose 0.9% and 1.2% respectively, while WTI crude climbed 1% to $70/barrel amid Middle East tensions; Bitcoin fell to $58,000, its lowest since late 2024
• U.S. and Iran exchanged strikes over the weekend following an attack on a ship in the Strait of Hormuz, with reports emerging that sides agreed to halt attacks and refocus on negotiations
• SpaceX will join the Nasdaq 100 on July 7 following rule changes allowing massive IPO companies to be added sooner; Nike and Constellation Brands report earnings Tuesday with June jobs data due Thursday

Market Summary: Pre-Opening Brief

Market Overview:

Stock futures pointed higher to start the holiday-shortened week, with S&P 500 futures up 0.9%, Nasdaq futures up 1.2%, and Dow futures gaining 0.5%. This follows five consecutive days of losses for the S&P 500 and Nasdaq, though the Dow posted its third straight weekly gain.

Commodities & Currencies:

• WTI crude oil futures rose 1% to $70/barrel amid Middle East tensions
• Gold futures declined 1% to $4,055/ounce, extending recent weakness
• Bitcoin fell to $58,000 (lowest since late 2024) before recovering to $60,400
• 10-year Treasury yield ticked up to 4.38%

Key Developments:

Geopolitical Tensions: U.S.-Iran conflict escalated over the weekend with exchanges of strikes near the Strait of Hormuz, a critical shipping passage. Late reports indicated both sides agreed to halt attacks and resume peace negotiations regarding the strait and Iran's nuclear program.

Corporate News:

• Comcast (CMCSA): Stock surged on announcement of planned split between technology and media businesses, with cable business Versant being spun off
• SpaceX: Set to join Nasdaq 100 on July 7 following rule changes allowing faster inclusion of massive IPOs

Week Ahead:

Key earnings reports from Nike and Constellation Brands (Tuesday after close), and General Mills (Wednesday morning). Economic data includes Conference Board consumer confidence report and June jobs report (Thursday), providing insights into labor market strength amid inflation concerns driven by elevated fuel prices.