5 Things to Know Before the Stock Market Opens on Monday

• Major earnings reports scheduled this week include JPMorgan, Bank of America, Wells Fargo, Goldman Sachs, and Citigroup on Tuesday, plus Netflix and UnitedHealth on Thursday
• Apple filed a lawsuit against OpenAI alleging the ChatGPT maker stole trade secrets through hundreds of former Apple employees to launch competing AI hardware products
• June Consumer Price Index data releases Tuesday morning when Fed Chair Warsh testifies before Congress about the economy, with the 10-year Treasury yield near its highest levels since May at 4.58%

Market Summary: Monday Opening Preview

Market Overview:

Stock futures pointed lower Monday following a mixed previous week where the S&P 500 and Nasdaq gained for a second consecutive week, while the Dow snapped a four-week winning streak. Nasdaq futures fell 0.9%, S&P 500 futures dropped 0.3%, and Dow futures declined 0.1%.

Key Market Movements:

• WTI crude oil surged over 3% to nearly $74/barrel amid Middle East tensions
• Gold futures fell 1% to $4,070/ounce
• Bitcoin traded at $63,000, down from weekend highs of $64,500
• 10-year Treasury yield ticked up to 4.58%, near May highs

Technology Sector:

Tech stocks tumbled in premarket trading, with the iSOXX semiconductor index down nearly 3% and the Roundhill Memory ETF plunging 8%. SK Hynix begins its first full week of U.S. trading following the largest-ever foreign company listing, pressuring AI heavyweights including Nvidia, Broadcom, and Micron.

Geopolitical Developments:

Escalating U.S.-Iran tensions drove oil prices higher after weekend military strikes. The U.S. conducted attacks on dozens of targets following Iranian assaults on ships in the Strait of Hormuz shipping lane.

Legal News:

Apple filed a lawsuit against OpenAI Friday, alleging theft of trade secrets through recruited Apple employees. Apple claims OpenAI seeks to leverage stolen information to launch competing AI-focused hardware devices.

Week Ahead:

Major earnings reports dominate the calendar: JPMorgan Chase, Bank of America, Wells Fargo, Goldman Sachs, and Citigroup report Tuesday; Netflix and UnitedHealth Group Thursday. June CPI data releases Tuesday, coinciding with Fed Chair testimony before Congress on the economy.