Before the bell: Europe up, oil keeps markets on edge
SPY•European stock futures rose around 0.2% on Monday, while Nasdaq futures fell 0.8% as Brent crude stayed above $107 a barrel and rising bond yields weighed on markets.
1. Markets before the bell
European stock futures were modestly higher after U.S. President Donald Trump rejected an Iranian proposal aimed at reopening the Strait of Hormuz. Shares in Asia fell, and U.S. futures pointed to a tech-led decline on Wall Street. Markets priced in an over 70% chance of a 25-basis-point Fed rate hike at its October meeting.
2. Sector and company moves
Premarket indications showed Infineon, ASML and STMicro shares down more than 1%, partly offset by gains in oil and gas stocks; defence shares were also under pressure. UBS remained in focus after reports that several major foreign banks had expressed interest in a potential combination with the Swiss lender, whose shares edged lower on Tradegate. Rising U.S. rate-hike expectations also weighed on gold prices and precious-metals miners.
