Key Takeaways
- • US stock futures pointed to a strong start to the week, with Dow futures up 559 points, S&P 500 futures up 68 points and Nasdaq 100 futures up 226 points after Friday's rebound led by the Nasdaq 100 (+1.35%).
- • US crude fell 2.77% to $88.31 after President Trump downplayed the likelihood of renewed strikes on Iran while diplomatic talks continue, though reported attacks on ships near the Strait of Hormuz keep supply risk alive.
- • Bitcoin dropped to $73,650, its lowest level since August 21, and sat just $497 above its 200-day moving average at $73,153, a level it last traded below on August 21.
- • The US dollar fell against all seven majors, led by the NZD (+1.15%), while the 10-year Treasury yield rose to 4.8718% ahead of Tuesday's US October CPI release.
- • Binance announced CFO Kaiser Ng's departure and the appointment of Justin Yek, formerly of Airwallex, weeks after an October 29 theft of about $6.3 billion in cryptocurrency that the FBI attributed to a North Korean group.
Summary
US stock futures pointed to a firm open on Monday after the broader indices bounced on Friday, led by the Nasdaq 100 (+1.35%) and the Nasdaq Composite (+1.09%). The Dow, which had declined 0.46% on Friday, was looking at a 559-point gain at the open. European equities also advanced, with Italy's FTSE MIB up 2.13%, Spain's IBEX 35 up 1.52% and Germany's DAX up 1.08%, while European 10-year yields moved lower in contrast to the rise in US yields.
Crude oil slipped back below $90. US crude traded at $88.31, down $2.52 or 2.77%, after reaching a low of $87.54. President Trump downplayed the likelihood of renewed strikes on Iran as long as diplomatic talks continue, although Reuters reported fresh attacks on ships near the Strait of Hormuz. Spot gold rose 1.27% to near $4,122 and silver gained 1.67% to near $52.77.
US Treasury yields were higher across the curve, with the 2-year at 4.5469%, the 10-year at 4.8718% and the 30-year at 5.2645%. The bond market is positioned ahead of Tuesday's US October CPI release at 8:30 AM ET. Per investingLive, the dollar was lower against all seven majors, with the NZD leading, followed by GBP (+0.50%), AUD (+0.47%) and EUR (+0.39%). The New Zealand election result remains pending, with special votes still to be counted and a final result due November 27.
Bitcoin traded down to $73,650, its lowest level since August 21, before rebounding to around $74,821. That low sat just $497 above the 200-day moving average at $73,153. Investing Live noted that a break below that average would be the key test for buyers and sellers, and that a break that quickly reverses could signal a failed move.
Binance also drew attention. The exchange said Saturday that CFO Kaiser Ng is leaving to pursue another venture and that Justin Yek, formerly of Airwallex, will succeed him. Co-CEO Yi He said the transition had been in the works for six months. The announcement follows the October 29 theft of about $6.3 billion in cryptocurrency. Binance said attackers compromised employee computers through malicious downloads and fake recruiting efforts targeting engineers, and pledged to reimburse affected customers in full. The FBI attributed the theft to a North Korean group, which Pyongyang denied.
The day's North American calendar includes remarks from Fed Vice Chair for Supervision Michelle Bowman, Chicago Fed President Austan Goolsbee and Richmond Fed President Thomas Barkin, along with September wholesale inventories (forecast +0.6%) and a 3-year note auction.
Crude oil slipped back below $90. US crude traded at $88.31, down $2.52 or 2.77%, after reaching a low of $87.54. President Trump downplayed the likelihood of renewed strikes on Iran as long as diplomatic talks continue, although Reuters reported fresh attacks on ships near the Strait of Hormuz. Spot gold rose 1.27% to near $4,122 and silver gained 1.67% to near $52.77.
US Treasury yields were higher across the curve, with the 2-year at 4.5469%, the 10-year at 4.8718% and the 30-year at 5.2645%. The bond market is positioned ahead of Tuesday's US October CPI release at 8:30 AM ET. Per investingLive, the dollar was lower against all seven majors, with the NZD leading, followed by GBP (+0.50%), AUD (+0.47%) and EUR (+0.39%). The New Zealand election result remains pending, with special votes still to be counted and a final result due November 27.
Bitcoin traded down to $73,650, its lowest level since August 21, before rebounding to around $74,821. That low sat just $497 above the 200-day moving average at $73,153. Investing Live noted that a break below that average would be the key test for buyers and sellers, and that a break that quickly reverses could signal a failed move.
Binance also drew attention. The exchange said Saturday that CFO Kaiser Ng is leaving to pursue another venture and that Justin Yek, formerly of Airwallex, will succeed him. Co-CEO Yi He said the transition had been in the works for six months. The announcement follows the October 29 theft of about $6.3 billion in cryptocurrency. Binance said attackers compromised employee computers through malicious downloads and fake recruiting efforts targeting engineers, and pledged to reimburse affected customers in full. The FBI attributed the theft to a North Korean group, which Pyongyang denied.
The day's North American calendar includes remarks from Fed Vice Chair for Supervision Michelle Bowman, Chicago Fed President Austan Goolsbee and Richmond Fed President Thomas Barkin, along with September wholesale inventories (forecast +0.6%) and a 3-year note auction.
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