The Dow futures are trading with gains of close to 140 points, while the S&P 500 futures are up 35 points. The Nasdaq futures are up 200 points in trading on Sunday local time.
US-Iran Back And Forth Continues
Futures are witnessing a positive reaction after Axios reported that the US and Iran have agreed to stop attacking each other after trading blows over the weekend.
None of the other media outlets have independently confirmed the Axios report yet.
According to a Pakistani official who spoke to MS NOW, the talks have been put on hold for now, although both parties have maintained their representatives in the US, to resume talks once given the go ahead.
A Trump administration official though, denied the report of talks being put on hold, stating that the talks are on track to implement the MoU signed in the coming days.
Five Important Things On Wall Street This Week
While US-Iran negotiations continue to remain a key focal point, here are five other important events that Wall Street will be reacting to this upcoming week:
First, this will be a truncated week as the markets will remain shut on Friday, July 3, on account of the Independence Day holiday.
Two, since Friday will be a holiday, the all important US jobs report or the non-farm payrolls will be released a day earlier, on Thursday, July 2. Along with the jobs report, the initial jobless claims for the week, factory orders data will also be released on Thursday.
Three, the start of the month will also mean auto companies will begin to report their sales figures for the month. Those figures will be reported across Wednesday, July 1, and Thursday, July 2.
Four, the start of the month also means other important macro data will also be reported, such as the JOLTS job openings on Tuesday, June 30, ADP private payroll figures on Wednesday, July 1, and the manufacturing PMI on Wednesday as well.
Lastly, all eyes will be on the new Fed Chair Kevin Warsh, as he makes his first public appearance after the latest Fed policy at the annual European Central Bank symposium in Portugal. Along with his remarks on monetary policy, Warsh will also be in the spotlight as he appears after his predecessor Jerome Powell was given a standing ovation at the same event last year for enduring attacks from US President Donald Trump.
