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U.S. stock index futures signaled a weaker start on Monday, suggesting markets may give back some of last week’s gains after two consecutive sessions of strong advances.

Analysts pointed to profit-taking as one reason for the early weakness, with investors locking in gains after Friday’s surge that drove all three major indexes to fresh record closes. The rally was fueled by the Federal Reserve’s widely anticipated quarter-point rate cut.

Adding to the cautious tone was news from Washington. The White House confirmed that President Donald Trump signed a proclamation restricting entry for certain H-1B visa workers. The policy introduces a new $100,000 application fee, described by the administration as a way to “curb abuses that displace U.S. workers and undermine national security.”

Market watchers noted that the technology sector could be particularly sensitive to the change. “Investors will be watching closely for any fall-out in the technology sector from the sharp rise in H1-B visa fees – affecting skilled foreign workers,” said AJ Bell investment director Russ Mould.

“The news sparked some initial confusion around whether it would affect current visa holders and while this fear has been addressed and it has been confirmed as a one-time fee, it could still have a significant impact on tech firms,” he added. “Many in the sector employ large numbers of people on these visas.”

Even so, overall trading volumes may remain muted ahead of key U.S. inflation data releases and scheduled remarks from several Federal Reserve officials, including Chair Jerome Powell.

Markets Last Week

Stocks closed out last week on a strong note. The Nasdaq rose 160.75 points, or 0.7%, to finish at 22,631.48, while the S&P 500 added 32.40 points, or 0.5%, to 6,664.36. The Dow advanced 172.85 points, or 0.4%, to 46,315.27.

For the week, the Nasdaq gained 2.2%, with the S&P 500 and Dow up 1.2% and 1.1%, respectively. September, often a difficult month for equities, has so far bucked that trend as optimism over lower rates has underpinned sentiment.

The Fed’s rate cut on Wednesday — along with its guidance for two additional reductions this year — reinforced bullish momentum. Confidence was further supported by President Trump, who described his latest conversation with Chinese President Xi Jinping as “very productive.”

According to Trump, the call covered trade, fentanyl controls, the war in Ukraine, and a deal over TikTok’s U.S. operations.

Sector Moves

Friday’s session highlighted sector divergences. Gold producers rallied, with the NYSE Arca Gold Bugs Index jumping 4.3% as bullion prices climbed. Software names were also strong, pushing the Dow Jones U.S. Software Index up 1.8%.

In contrast, energy shares dropped in tandem with crude oil’s retreat. The Philadelphia Oil Service Index lost 2.1%, while the NYSE Arca Oil Index declined 1.5%. Homebuilders also weakened, dragging the Philadelphia Housing Sector Index down 1.2%.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

London’s blue-chip FTSE 100 index edged up on Monday, supported by strength in gold miners after bullion hit record highs, while airline shares slumped following a cyberattack that crippled airport operations across Europe.

As of 11:35 GMT, the FTSE 100 was up 0.1%, with the pound advancing 0.2% against the U.S. dollar to 1.35. On the continent, Germany’s DAX climbed 0.2%, while France’s CAC 40 slipped 0.6%.

Ransomware attack disrupts European air travel

A ransomware assault on Collins Aerospace’s Muse check-in and boarding platform has disrupted operations at several major airports since Friday, forcing staff to revert to manual check-ins.

The attack impacted Heathrow, Brussels, Berlin, and Dublin airports, leading to severe delays and cancellations. Brussels Airport was hit hardest, scrapping nearly half of its scheduled Monday departures as technical and security problems persisted.

Airline stocks dropped in response. Shares of Deutsche Lufthansa AG (TG:LHA), International Consolidated Airlines Group S.A. (LSE:ICG), Air France-KLM SA (EU:AF), EasyJet PLC (LSE:EZJ), Wizz Air Holdings PLC (LSE:WIZZ), Ryanair Holdings PLC (LSE:0RYA), and TUI AG (TG:TUI1) were down between 0.5% and 1.3%.

Ericsson, Nokia secure £2 billion VodafoneThree contract

In telecom news, VodafoneThree — the recently merged Vodafone UK (LSE:VOD) and Three UK — awarded a £2 billion ($2.7 billion) contract to Ericsson (NASDAQ:ERIC) and Nokia Oyj (NYSE:NOK) to expand and modernize its network. Ericsson will oversee deployment across 10,000 sites and upgrades to core systems, while Nokia will contribute to 7,000 sites.

UK considering visa fee cuts for top talent

Separately, Prime Minister Keir Starmer is weighing a plan to scrap certain visa fees for highly skilled international workers, according to the Financial Times. The move would contrast with stricter immigration rules recently adopted in the United States.

Canada reviews Teck–Anglo American merger

Meanwhile, Canadian Finance Minister François-Philippe Champagne said the proposed $53 billion merger between Teck Resources Ltd (NYSE:TECK) and Anglo American PLC (LSE:AAL) is under government review to assess whether it serves the national interest.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Shares of Ecora Resources (LSE:ECOR) climbed on Monday after the Democratic Republic of Congo announced it would end its cobalt export ban and implement quotas. Meanwhile, Rainbow Rare Earths reported positive testing results at its Phalaborwa project in South Africa.

The Congolese authorities confirmed that the export ban will be lifted on October 16. Under the new framework, cobalt shipments will be limited to 18,125 tons for the remainder of 2025. Annual quotas of 96,600 tons are set for both 2026 and 2027. Officials added that 10% of future production will be allocated to strategic projects, and quotas could be adjusted based on market developments or progress in local refining.

Cobalt represented roughly half of Congo’s output in 2024 and 44% of the global supply, according to RBC Europe. The new regulations are expected to influence availability in the coming years.

Rainbow Rare Earths reported that its Phalaborwa project made progress after testing confirmed the successful integration of a cerium depletion step into the processing flowsheet. The company noted that this improvement enhances the quality of the mixed rare earth product and reduces the volume of material entering the separation circuit, which should lower both capital and operating costs at that stage of production.

The Phalaborwa project is focused on recovering and separating rare earth elements from phosphogypsum stacks, a byproduct of phosphoric acid production. Rainbow Rare Earths said it is now finalizing the separation stage of the flowsheet, with completion expected in the fourth quarter of 2025.

Ecora Resources holds a 0.85% gross revenue royalty on the Phalaborwa project. Analysts at RBC Capital Markets said in a note: “Cobalt represents 30% of ECOR’s 2026e revenue, and we expect the cobalt market to tighten in response to today’s measures, providing upward pressure on prices.”

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Capgemini (EU:CAP) saw its shares decline up to 3% on Monday following U.S. President Donald Trump’s announcement of higher fees on H-1B visas, a move that could affect the global IT services industry.

The new proclamation, signed Friday, requires a “$100,000 payment to accompany or supplement H-1B petitions for new applications,” a notable jump from the current fee structure.

A White House post on X over the weekend clarified that this change does not apply to existing H-1B visa holders.

U.S. Citizenship and Immigration Services data show that Capgemini ranked as the 11th largest H-1B employer between fiscal year 2016 and June 30, employing over 30,000 workers through its U.S. subsidiary during that timeframe.

Bernstein analyst Richard Nguyen, who has an outperform rating on the stock, remarked, “Trump’s policy could disrupt some onshore projects in the U.S., make pricing negotiations with customers more difficult, and require additional cost adjustments.”

Nguyen also noted that Capgemini may mitigate the impact by leveraging offshore resources, adding that the company “has already decreased its reliance on H-1B workers over the past five years.”

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Operations at major European airports were disrupted over the weekend after a ransomware attack targeted Collins Aerospace’s Muse check-in and boarding platform. Airports affected include Heathrow, Brussels, Berlin, and Dublin.

The incident began on Friday, forcing airports to revert to manual check-in procedures. The resulting delays led to significant flight cancellations and extended queues. Brussels Airport alone canceled nearly half of its planned departures on Monday due to ongoing technical and security complications.

The European Union Agency for Cybersecurity (ENISA) confirmed that a ransomware attack by a third party was behind the disruptions. Law enforcement agencies are actively investigating the incident.

The cyberattack had an immediate effect on airline share prices. Shares of Lufthansa (TG:LHA), International Consolidated Airlines Group (LSE:IAG), Air France (EU:AF), EasyJet (LSE:EZJ), Wizz Air (LSE:WIZZ), Ryanair (LSE:0RYA), and TUI (TG:TUI1) fell between 0.5% and 1.3% as of 08:53 GMT.

Airports indicated that online and self-service check-in options were still functioning, but manual processing extended wait times. Authorities advised travelers to check flight statuses and use alternative check-in methods whenever possible.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Investors are bracing for a week packed with U.S. tech earnings and key Federal Reserve commentary, just days after the central bank cut interest rates and indicated more reductions could be on the horizon. Analysts will also be keeping an eye on fresh inflation data, while tariff-related price pressures could influence the results from warehouse retailer Costco.

Tech Earnings in Focus

The spotlight this week is on tech sector results, which may offer insights into the ongoing surge in enthusiasm around artificial intelligence (AI). The rapid adoption of AI has fueled broader market rallies, making updates from companies leveraging the technology especially important.

Micron (NASDAQ:MU) is scheduled to report Tuesday after the close. Analysts at Vital Knowledge noted that “sentiment has been upbeat around the chipmaker, especially in the wake of blockbuster returns from peers like Broadcom (NASDAQ:AVGO) and Oracle (NYSE:ORCL) as well as a range of favorable sell-side preview notes.”

On Thursday, Jabil (NYSE:JBL), a supplier to Apple heavily invested in AI-powered data centers, will release quarterly results, along with consulting giant Accenture (NYSE:ACN). Analysts have warned of potential risks to Accenture’s business stemming from AI developments.

Fed Speakers in Focus

After last week’s 25-basis-point rate cut, market participants are closely watching remarks from Federal Reserve officials. Fed Chair Jerome Powell will speak Tuesday. Powell highlighted that the rate reduction was driven primarily by a weakening U.S. labor market.

“We have to keep our eye on inflation at the same time, we cannot ignore […] maximum employment,” Powell said.

However, not all Fed officials supported the cut. One member—believed to be new Fed Governor Stephen Miran—called for a deeper 50-basis-point reduction. Seven of the 19 meeting participants forecast no further cuts this year, while others expect additional reductions, suggesting upcoming meetings could see robust debate.

PCE Data on Tap

Friday will bring the release of the core personal consumption expenditures (PCE) price index for August, a key Fed gauge of inflation. The measure is expected to rise 0.2% month-on-month, compared with 0.3% in the prior reading. Analysts at BNP Paribas highlighted that the figures suggest inflation is “unlikely to land” at the Fed’s 2% target “anytime soon.”

Costco Reports Earnings

Costco (NASDAQ:COST) will release its quarterly results Thursday. Investors will monitor how the membership-based retailer is navigating U.S. tariffs, which the company previously said would be a “last resort” for raising prices.

Peers including Walmart (NYSE:WMT) and Target (NYSE:TGT) have already passed some costs to consumers, while electronics retailer Best Buy noted tariff-related increases were lower than the overall rate. A University of Michigan survey highlighted that “trade policy remains highly salient” in shaping consumer spending sentiment.

Gold Hits Record Levels

Gold climbed to a new record on Monday, supported by expectations of additional U.S. rate cuts following the Fed’s recent action. Markets are maintaining a bullish stance on the yellow metal ahead of further economic readings, including the Fed’s preferred inflation gauge, with several policymakers scheduled to speak.

Lower interest rates generally benefit non-yielding assets like gold, reducing the opportunity cost of holding bullion. Other metals also rallied after the Fed’s move. Spot gold increased 0.9% to $3,715.50 per ounce, while gold futures rose 1.2% to $3,750.20/oz by 03:32 ET.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Shares of Wilmington plc (LSE:WIL) climbed 4.4% on Monday after the UK-based provider of data, information, education, and training services for the Governance, Risk, and Compliance (GRC) sector reported an 18% rise in adjusted profit before tax for the fiscal year ending June 30.

The company posted adjusted profit before tax of £28.4 million ($38.27 million) from its ongoing operations, up from £24.1 million the previous year. Revenue grew 11% to £99.5 million, with seven of Wilmington’s nine core businesses contributing to the increase. Adjusted profit margins also improved to 28.5%, compared to 26.8% in the prior year.

Annual recurring revenue rose 5%, now accounting for 36% of the group’s organic revenues, up from 34% last year. Recent acquisitions in the Health and Safety sector delivered double-digit revenue growth, bolstering overall performance.

“Our ongoing businesses have delivered another good financial performance,” said Mark Milner, Chief Executive Officer.

“Our focus on portfolio management and a continuation of the strategy to expand our positions in GRC markets has resulted in further strong revenue performance, profit growth and cash generation.”

Wilmington has actively reshaped its portfolio, acquiring Phoenix Health and Safety in October 2024 and announcing the proposed acquisition of RegTech firm Conversia for €121.6 million (£105 million) in August 2025. The company also sold its Compliance Week business in February 2025.

The firm closed the year with a net cash position of £42.2 million, down from £67.8 million a year earlier following the Phoenix acquisition.

Wilmington proposed a final dividend of 8.5p per share, taking the total payout to 11.5p, up 2% from last year’s 11.3p.

Looking ahead, the company reported a “good start to the current financial year,” with revenues and profits tracking in line with expectations.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

A recent study by the European Central Bank indicates that anticipated U.S. tariffs are prompting shifts in consumer behavior across the euro zone.

The ECB’s Economic Bulletin highlighted that shoppers are increasingly avoiding American goods and scaling back on non-essential purchases as uncertainty around potential tariffs casts a shadow over parts of the bloc’s economy.

“In response to tariff-related concerns, consumers are altering their spending habits in notable ways,” the ECB said in its report.

Even though households in the euro zone have built up significant savings since the pandemic, consumers have remained cautious about spending throughout 2025.

The report underscores how ongoing trade tensions are influencing everyday household decisions, with consumers adjusting their buying patterns even before any formal tariffs are enacted.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Copper prices rose in early Monday trading as supply disruptions resurfaced and demand from China remained strong.

On the London Metal Exchange, copper advanced 0.6%, reaching $9,996.50 per metric ton in morning deals.

Analysts at ANZ warned that tighter market conditions could emerge if the halt at Chile’s El Teniente mine lasts longer than expected. The state-owned miner Codelco reported Friday that the facility will need additional time to resume full production after a tunnel collapse in July.

Meanwhile, Chinese demand continues to show resilience, with refined copper imports projected to rise, ANZ noted.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

The U.S. dollar found stability on Monday following a week of volatility, as investors awaited remarks from Federal Reserve officials that could signal the next steps in monetary policy ahead of important inflation data.

At 04:20 ET (08:20 GMT), the Dollar Index, which measures the greenback against a basket of six major currencies, traded slightly lower at 97.155. Last week, the index had dipped to its lowest levels in over three years after the Fed’s rate cut, before rebounding sharply amid choppy trading.

Focus on Fed speakers

Traders are closely watching comments from Fed officials for insight into the future path of interest rates after the central bank restarted its rate-cut cycle last week—the first reduction this year. Fed policymakers John Williams, Thomas Barkin, and Stephen Miran are scheduled to speak at separate events on Monday, while Raphael Bostic, Michelle Bowman, and particularly Fed Chair Jerome Powell will address the market on Tuesday.

These speeches, combined with upcoming economic releases, are expected to influence investor sentiment, with two additional Fed meetings remaining in 2025. The U.S. personal consumption expenditures (PCE) price index, the Fed’s preferred inflation gauge, will be released on Friday. The August reading is anticipated to rise slightly to 2.8% from July’s 2.6% annual rate.

“Plenty of Fed speakers this week will clarify the FOMC’s policy views after Chair Powell’s cautious remarks last week,” analysts at ING said in a note. “With the Dot Plot signalling two more cuts this year, we don’t expect much support for the dollar, which is looking moderately expensive in the short-term.”

Euro and sterling movements

In Europe, EUR/USD ticked up 0.1% to 1.1762 ahead of the latest eurozone consumer confidence report. “This week’s eurozone calendar revolves around tomorrow’s PMIs, which are expected to flatten up after some good August readings. Later this week, the German Ifo will complete the activity survey picture,” ING added. “EUR/USD’s short-term fair value is 1.190 as of this morning, and we see upside risks beyond the 1.180 level this week as the dollar may shed its post-Fed gains.”

GBP/USD rose 0.2% to 1.3499, recovering after sterling fell to a two-week low last week amid domestic pressures from rising public borrowing and a Bank of England decision highlighting the delicate balance between growth and inflation.

Asian currencies

USD/CNY dipped slightly to 7.1138 after the People’s Bank of China left its benchmark loan prime rates unchanged, as expected. The one-year LPR remained at 3.0% and the five-year LPR at 3.5%. Despite weak factory output and retail sales, the PBoC held policy steady, likely awaiting the Fourth Plenary Session in October for reassessment.

USD/JPY gained 0.1% to 148.09, trading in a narrow range following the Bank of Japan’s decision last week to keep rates unchanged. AUD/USD edged down 0.2% to 0.6579 after Reserve Bank of Australia Governor Michele Bullock noted that recent economic data mostly met expectations, though global uncertainty persists.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.