Wall Street Futures Climb Ahead of Services Data as Oil and Gold Ease: Dow Jones, S&P, Nasdaq

Investors Prepare for a Busy Week of Economic Events

U.S. stock index futures traded modestly higher on Monday as markets reopened after the Independence Day holiday, with investors looking ahead to a packed schedule of economic releases and comments from Federal Reserve officials.

As of 07:01 GMT, futures on the S&P 500 rose 0.3%, Nasdaq 100 futures gained 0.9%, while Dow Jones futures were little changed.

Attention has shifted to this week’s economic calendar after softer U.S. employment figures released last week reduced expectations of further near-term interest rate increases.

Services Sector Data Takes Centre Stage

The Institute for Supply Management will publish its June non-manufacturing PMI later on Monday, providing an important update on the health of the U.S. services sector.

Economists expect the index to edge down to 54.2 from 54.5 in May. A reading above 50 would continue to signal expansion in the sector, which accounts for the majority of U.S. economic activity.

The release follows last week’s weaker manufacturing survey, which pointed to slower industrial momentum despite continued investment linked to artificial intelligence.

OPEC+ Decision Pushes Oil Lower

Crude prices slipped after OPEC+ announced another increase in production targets beginning in August.

Brent crude traded around $71.86 a barrel, down approximately 0.4%, while U.S. West Texas Intermediate eased about 0.2% to $68.63.

The additional output, together with signs of improving shipping conditions through the Strait of Hormuz, has strengthened expectations of more comfortable global oil supplies during the coming months.

Gold Slips as Dollar Recovers

Gold prices weakened as the U.S. dollar rebounded from recent lows, reducing demand for the precious metal.

The recent rally in bullion had been supported by weaker U.S. jobs data, which encouraged investors to scale back expectations for additional Federal Reserve tightening.

Market participants continue to balance softer labour market trends against persistent inflation pressures when assessing the outlook for U.S. interest rates.

Foxconn Delivers Strong Quarterly Growth

Foxconn (USOTC:FXCOF), officially Hon Hai Precision Industry, reported second-quarter revenue of T$2.513 trillion, a 39.8% increase from a year earlier and well above market expectations.

The company credited continued investment in artificial intelligence infrastructure for driving demand across its cloud and networking businesses, while also reporting solid growth in consumer electronics. Management nevertheless warned that geopolitical uncertainty remains an important risk for the business.