U.S. stock futures were largely flat ahead of a key Washington meeting between President Donald Trump and Ukrainian President Volodymyr Zelensky. Investors are also closely watching the Federal Reserve’s interest rate path, with July meeting minutes and a speech by Fed Chair Jerome Powell scheduled later this week. Meanwhile, cybersecurity firm Palo Alto Networks (NASDAQ:PANW) is set to release earnings after the market closes.
Futures Show Little Movement
On Monday, U.S. futures were steady as traders prepared for potential Fed rate developments and monitored the upcoming U.S.-Ukraine summit. As of 3:23 a.m. ET (07:23 GMT), Dow futures were down 97 points (-0.2%), S&P 500 futures fell 7 points (-0.1%), and Nasdaq 100 futures were essentially unchanged.
Last Friday, major indexes ended the session mixed. The Dow Jones Industrial Average hit a new intraday high, joining the S&P 500 and Nasdaq Composite, which had set record highs during the week. However, the S&P 500 and Nasdaq closed lower, dragged down by losses in the technology, financial, industrial, and utilities sectors.
Fed Minutes and Powell Speech in Focus
Attention now shifts to the release of July Fed meeting minutes, where the central bank held rates steady at 4.25%–4.5%. The decision saw a rare dissent from two officials. Fed governors Christopher Waller and Michelle Bowman both argued for a rate cut, citing the need to support a slowing labor market.
Recent data paints a mixed picture: U.S. job growth was much weaker than expected, with downward revisions for May and June, while retail sales surged following an unexpected rise in producer prices. These indicators suggest a cooling labor market alongside moderate inflationary pressures, partly linked to tariffs.
Trump’s actions have added uncertainty, raising doubts about the reliability of government data. Some analysts expect increased attention to private sector figures. Trump fired the head of the federal statistics agency, claiming—without evidence—that recent downward revisions to the jobs report were politically motivated. He subsequently appointed the Heritage Foundation’s chief economist to lead the agency.
Powell is expected to address these issues in his Friday speech at the annual Jackson Hole symposium in Wyoming. Traditionally cautious, Powell’s comments will be closely watched by markets that are anticipating a possible rate cut in September.
Zelensky Meets Trump
Ukrainian President Volodymyr Zelensky will meet Trump in Washington on Monday to discuss a potential path toward peace. Concerns remain that Trump could pressure Zelensky into an agreement favorable to Russia. Zelensky has already rejected proposals from Putin presented in Anchorage, which included ceding part of the eastern Donetsk region.
Zelensky, accompanied by leaders from several European nations, said he supports a “swift and reliable end” to the conflict, but emphasized that Russia must be willing to end the war “that it started.” Trump stated on Truth Social: “Zelensky can ‘end the war with Russia almost immediately, if he wants, or he can continue fighting.’”
“[T]he situation in Ukraine appears to be entering a very fluid state, and there may be further developments in the days, weeks, and months ahead,” analysts at Vital Knowledge noted. They added that, from a market perspective, the Trump-Putin discussions in Anchorage did not yield major outcomes such as a full ceasefire or “draconian secondary tariffs on China.”
Palo Alto Networks Earnings
Cybersecurity firm Palo Alto Networks is set to report results for the July quarter after the market closes. Analysts expect adjusted Q4 EPS of $0.89 on $2.5 billion in revenue, according to Bloomberg.
This will be the first report following the $25 billion acquisition of CyberArk Software, the largest in the company’s history. CEO Nikesh Arora views the deal as a way to capitalize on AI-driven demand for digital security solutions, though analysts caution about integrating a platform of CyberArk’s size. Over the past two years, Palo Alto has completed at least seven acquisitions.
Gold Gains
Gold prices rose during European trading on Monday, rebounding from a more-than-two-week low, supported by safe-haven demand amid the Russia-Ukraine conflict. Anticipation of the Jackson Hole symposium also helped gold and weakened the dollar, as markets priced in potential Fed rate cuts.
Spot gold rose 0.6% to $3,355.47 an ounce, while October futures climbed 0.5% to $3,400.55/oz as of 3:22 a.m. ET. Last week, gold had fallen to a more-than-two-week low.
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