Early Look

Monday, August 3, 2026

U.S. futures are looking at a strong open after a positive Friday where the S&P 500 gained 1.05%, the Nasdaq climbed 1.59%, and the Dow climbed 1.04%. However, returns for July were mixed as the S&P 500 fell -0.13%, the Nasdaq declined -3.2%, and the Dow climbed 0.32%. By falling in the final minutes on Friday back below 7,500, the S&P 500 (SPX) dipped into negative territory for the month and snapped a streak of 11 straight years with positive returns for July. Investors head into another busy earnings week as well as a busy week of data with monthly jobs data headlining on Friday, while ISM Manufacturing out later this morning, with June JOLTS tomorrow, ADP private payrolls and ISM Services on Wednesday. Last week was dominated by big tech earnings with MSFT, AMZN shares jumping on results while AAPL shares fell along with central banks as the Fed, BOE and BOJ all maintained interest rates, and the Japanese yen fell from 40-year highs amid intervention.

Signs of de-escalation at the weekend pushed oil prices lower after President Trump said late Sunday night he had decided to hold off what he called the ‘biggest attack since World War II’ at the request of allies. A deal on reopening the Strait of Hormuz may be close, Trump noted, also stating that US would continue to pursue a path to end Iran’s nuclear program. Meanwhile, Iran said there were no talks under way with the United States and no plans for any meetings, contradicting U.S. President Donald Trump comments.

Prior, President Trump said Saturday night “The U.S.A. is locked and loaded and ready to go against the Islamic Republic of Iran, at levels of Military Terror, Strength, and Power not seen since World War II. Despite this, we have just been asked by Iran, and other Middle Eastern Countries, to hold off any attack in that the perimeters of a deal has been agreed to. This would include the Immediate, Complete, and Total OPENING OF THE Hormuz STRAIT, and an end to Iran’s Nuclear threat. Based on this request, I have agreed, for the future benefit of the WORLD and, likewise, the survival of a successful and prosperous Iran, to cancel the attack, subject to being able to rapidly make a DEAL. The Country of Israel joins me in this commitment. Get to work, everybody, and get it DONE. Thank you for your attention to this matter!”

In Asian markets, The Nikkei Index declined -607 points to 63,754, the Shanghai Index fell -22 points to 3,809, and the Hang Seng Index rose 124 points to 26,009. In Europe, the German DAX is surging 388 points to 26,017, while the FTSE 100 is down a few points to 10,864. The Japanese yen weakens further after falling from 40-year highs last week, down below 157 vs the dollar.

Treasury yields are pulling back after surging last week where the Benchmark 10-yr yield was up 8.1bps Friday to end at 4.743%, rising 32bps for the month of July at highest yield since January 2025 (up 59bps YTD); the 30-yr yield rose 6.8bps to 5.274%, up 37bps in July and highest yield since July 2007 (up 44bps YTD). The shorter term 2-yr yield rose 6.2bps to 4.289%, up 15.1bps this month, rising 5 straight months (up 82bps YTD).

• The Dow Jones Industrial Average rose 276.97 points, or 0.53%, to 52,485.03
• The Nasdaq Composite gained 251.68 points, or 1.00%, to 25,373.85
• The Russell 2000 Index declined -14.76 points, or 0.50% to 2,931.34

• 10:00 AM ET                Construction Spending for June
• 10:00 AM ET ISM Manufacturing PMI for July

• Earnings After the Close: ADTN ADUS AEIS AESI ALG ALSN AMRC ANDE ARE BLZE BSM BWXT CBT CLPT CLX CRGY CSR CSWC CTOS DDD DORM EVER FANG GBDC GPOR HSTM ICHR INSP IRT IVT JAZZ JELD JXN MATX MED NJR OKE ON OPAD OTTR PAY PLTR POWL RAIL SBAC SBRA SIBN SITC SNAP STOK TDW TKO TTI UCTT UTL VERX VNO VNOM VOYG VRTX VVX WGS SHR WMB

• NY Fed President John Williams says he “strongly” supported last week’s policy decision and reaffirms the reaction function he sketched out last month. He expects inflation to decline but says “it would absolutely be appropriate” to raise rates if inflation doesn’t.

• GameStop (GME) agreed to privately exchange approximately $1.4 billion of outstanding convertible senior notes for Class A common stock; transaction includes $400 million of 2030 notes and $1.0 billion.
• Tesla (TSLA) sales in Spain &###127466;&###127480; plunged 81.3% YoY to just 131 vehicles in July. However, sales rose 19.8% YoY during the first seven months of 2026, while Spain’s broader electrified vehicle market grew 34.9%.

• Ingersoll-Rand (IR) upgraded to Buy from Hold at Stifel and raised tgt to $101 from $84 saying they see reasons to be constructive on the shares post the Q2 report. Ingersoll’s longer cycle orders are progressing, its volume leverage and pricing are leading to margin expansion, and it has the financial flexibility to add value inorganically.
• Leidos Holdings, Inc. (LDOS) declared quarterly cash dividend, and authorizes new stock repurchase program for up to 20M shares.
• Prysmian (PRYMY) agreed to acquire U.S.-based electrical products maker Atkore (ATKR) for $95 per share in cash, giving the company an implied enterprise value of around $3.8 billion. The offer represents a roughly 23% premium to Atkore’s 90-day volume-weighted average share price as of July 31, Prysmian said. Atkore generated revenue of $2.85 billion and an EBITDA of $386 million in FY25.
• Solaris Energy Infrastructure (SEI) was upgraded to Overweight at Wells Fargo while cuts tgt to $73 from $82 as sees limited downside land cites leading behind-the-meter power execution, three hyperscaler customers, and expanding capabilities supporting high-value integrated solutions.
• Southern Company (SO) announces offerings of $650M in aggregate Principal amount of convertible Senior notes due December 15, 2027, and $1.5B in aggregate Principal amount of convertible Senior notes due September 15, 2029.
• SpaceX (SPCX) faces lock-up selling pressure ahead of insider share unlocks; Insider lock-up expirations begin on August 6, with approximately 20–30% of locked shares initially becoming eligible for sale. Staggered unlocks are expected to increase the tradable float to roughly 40% by December 2026.
• T1 Energy (TE) signed an agreement to supply Clearway Energy Group with 641 MW of solar modules manufactured at its G1_Dallas facility using domestically produced cells from its G2_Austin fab; contract value and delivery timeline not disclosed; expects the first 2.1 GW phase of G2_Austin to begin cell production in Q1’27 and plans to offer solar modules with more than 60% domestic content next year.

• BioNTech (BNTX) said that Sobi’s CEO Guido Oelkers will succeed Ugur Sahin as its chief executive from February 1, 2027, at latest.
• Integer (ITGR) to be acquired by KKR in transaction valued at approximately $5.7B as Integer stockholders to receive $127 per share in cash.
• Supernus Pharmaceuticals (SUPN) and Indivior Pharmaceuticals (INDV) to merge, creating a diversified CNS biopharmaceutical leader with significant scale; combined entity to be named Supernus, Inc. and Jack Khattar to serve as President and CEO; stockholders will get 1.5401 common shares of Indivior Pharmaceuticals for each share of Supernus Pharmaceuticals they own.

• Sony’s (SONY) Spider-Man: Brand New Day delivered the biggest movie opening of 2026 and one of the strongest debuts in Hollywood history. The superhero film generated $355 million in domestic ticket sales during its opening weekend, more than doubling the previous 2026 record set by The Super Mario Galaxy Movie. It also earned $572 million internationally, bringing its global debut to $927 million.
• Warner Music Group (WMG) announced that Armin Zerza, CFO & COO, has decided to step down from his role for personal reasons, effective immediately. He will remain available to the company through the end of the fiscal year.
• Goldman Sachs added ASML, Sika and Puig to its European Director’s Cut Conviction List and removed Schneider Electric and Knorr-Bremse from the list.