North American Morning Briefing: Stock Futures Rise Ahead of Busy Week for Tech Stocks

OPENING CALL

Stock futures were pointing to a positive start to the week, with contracts tied to the Nasdaq 100 up more than 1%.

Investors are brushing off the AI worries that have jolted stocks in recent weeks as they await preliminary second-quarter earnings from Samsung Electronics on Tuesday.

Meanwhile, oil prices fell on OPEC+'s decision to hike production and the continued recovery in shipping through the Strait of Hormuz.

"OPEC is opening the spigot because its members need more revenue as much as the market needs more supply," SPI Asset Management said. "That may soften crude, but it does not erase the energy shock already moving through the economy."

Minutes from the Federal Reserve's latest meeting will also be in focus this week, as they might provide clues as to where interest rates are headed.

"The Fed remains the key macro hinge. Wednesday's minutes should offer the first deeper look at the Warsh-led FOMC [Federal Open Market Committee] debate, though the market may have to work harder than usual to extract a clean signal," Tickmill Group said.

LSEG data show the market is still expecting the Fed to raise rates by year-end. Fed Chairman Kevin Warsh has stressed the importance of tackling inflation and markets priced in a greater risk of interest rates moving up as a result.

"The core message should be a hawkish one, where the Fed is committed to restoring price stability after missing its target five years in a row, and some (or many) members could see the Fed's next move as a rate hike, " ING said.

Investors will also be keeping an eager eye on June's Institute of Supply Management services index, due today.

Stocks to watch

Comcast, ITV: Comcast's Sky is buying U.K. broadcaster ITV's TV business for about $2 billion. Comcast shares were little changed in premarket trading, while ITV's drifted higher in London.

Intel, Micron Technology: Stocks tied to the AI trade advanced ahead of the bell, setting up the Nasdaq 100 for a higher open.

Strategy shares climbed premarket, setting it up to extend recent gains on the back of a turnaround meant to shore up investor confidence.

Watch For:

U.S. ISM Report on Business Services PMI for June; U.S. Employment Trends Index for June; Canada Monetary Reserves for June

Today's Top Headlines/Must Reads:

- The European Union Is Splintering-and Some Say That's the Only Way to Revive It

- Michael Saylor's Strategy Is Trapped by Its Own Broken Bitcoin Math

- Big Tech Has Suddenly Flipped on the AI Jobs Wipeout Scenario

MARKET WRAPS

Forex:

The dollar edged higher

as it recovered from recent falls driven by a trimming of U.S. interest rate rise expectations.

The euro fell. The currency could rise as the European Central Bank looks set to raise interest further in September, Commerzbank said.

Sterling fell , but could hand back some of its recent gains if U.K. fiscal sustainability fears re-emerge, ING said.

Bonds:

Treasury yields fell

in early trade following last Thursday's weaker-than-expected employment data that led the markets to scale back their expectations of Fed rate hikes.

Higher Treasury yields are forcing investors to reassess crowded bond exposure , BNY said. However, the adjustment is not yet a broad exit from risk.

Metzler said the 'prices paid' component of the U.S. ISM services will get particular attention and could eventually support the short-end of the Treasury

yield curve.

Energy:

In early European trading, Brent crude was down 0.4%, while WTI futures edged 0.3% lower.

"Brent and Dubai crude time spreads remained in contango, reflecting ample near-term supply , and Gulf producers are expected to lower official selling prices further to maintain competitiveness," said MUFG.

Metals:

Gold futures rose

after posting their first weekly gain since May, as weaker U.S. jobs data and lower oil prices reduced expectations of interest-rate hikes by the Fed.

Gold chart

Comex gold futures have likely formed interim support at $4,000 an ounce, RHB Retail Research said. The futures posted a bullish candlestick pattern

on the daily chart, with latest price action signaling that strong support has formed at this level.

Copper

Copper prices were higher in early trade after weaker-than-expected U.S. June non-farm payrolls reinforced expectations that the Fed will delay policy tightening, Changjiang Futures said.

Iron

Iron ore prices were higher in early trade, supported by resilient near-term demand from Chinese steel mills, although gains may be limited by ample supply and weakening profit margins across the steel sector, said Baocheng Futures.

   TODAY'S TOP HEADLINES 

EasyJet Shares Soar as Airline Readies to Accept Fresh $7 Billion Bid From Castlelake

Shares in easyJet jumped on Monday after the company said it accepted in principle a renewed bid by U.S. investment firm Castlelake, paving the way for a $7 billion takeover of the British budget airline.

The offer of 6.90 pounds a share gives easyJet an equity value of 5.23 billion pounds ($6.98 billion) rising to 5.52 billion pounds on a fully diluted basis. The bid is 24% above easyJet's closing price on Friday, and 73% above its closing price on May 29, when Castlelake first disclosed it was considering a bid.

Comcast's Sky to Buy ITV's Media and Entertainment Unit for Up to $2.14 Billion

Comcast's Sky has agreed to buy ITV's television business for up to about $2.14 billion, in a deal that will combine two of the U.K.'s best-known media brands.

Under the deal, London-listed ITV will receive 1.2 billion pounds ($1.6 billion) and Sky's Love Productions business, before additional performance-related add-ons that could bring the transaction volume up to 1.6 billion pounds.

Novartis to Buy Myricx Bio for Up to $1.5 Billion

Novartis said it agreed to pay up to $1.5 billion for Myricx Bio, in a bid to bolster its portfolio amid industry competition for oncology drugs.

The Swiss pharmaceutical company said it would purchase the privately held U.K.-based biotechnology firm, which is developing a new class of antibody-drug conjugates. Myricx Bio's approach delivers differentiated cancer-killing mechanisms directly to tumor cells, Novartis said.

Thales to Take Stake in Exail Ahead of Full Takeover

Thales agreed to buy a minority stake in Exail Technologies in a deal that values the company at nearly $4.5 billion on an enterprise basis, and plans to later buy the rest of the maritime robotics and navigation systems maker in a tender offer.

The French aerospace and defense group signed an agreement with the Gorge family for its 35.51% combined stake. The agreement values Exail at 3.9 billion euros ($4.46 billion), including debt, Thales said Monday. The family holds a roughly 43.9% stake in the company, according to Euronext.

OPEC, Allies Hike Output Again as Hormuz Traffic Starts Recovering

The Organization of the Petroleum Exporting Countries and its allies agreed to raise oil output again as shipping traffic through the Strait of Hormuz gradually recovers and Persian Gulf producers restore production.

After a virtual meeting on Sunday, seven members of the broader group called OPEC+ said they will raise production by about 188,000 barrels a day in August, marking a fifth straight monthly increase as the cartel continues to unwind production cuts introduced in recent years. The countries participating in the increase include Saudi Arabia-the group's de-facto leader-along with Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman.

Eurozone Retail Sales Picked Up in May

Eurozone retail sales rebounded in May, highlighting a brighter outlook for consumer demand despite lingering uncertainty from the conflict in the Middle East.

Retail sales volumes rose 0.2% on month, following a 0.3% decline in April, according to data published Monday by the European Union's statistics agency Eurostat.

German Factory Orders Rose in May

German manufacturing orders rose in May, showing tentative signs of stabilizing despite continued uncertainty from the Middle East conflict.

Factory orders rose 1.9% on month in May, following a 3.2% decline in April, data agency Destatis said Monday. Economists polled by The Wall Street Journal had expected a smaller increase of 0.7%.

Korea Starts 24-Hour Won Trading in Push for Market Liberalization

South Korea took another step toward liberalizing its financial markets as it introduced round-the-clock trading of its currency.

The decision was an attempt by the government to improve access to Korean markets, particularly for offshore investors. That is part of Seoul's broader push to secure developed-market status from global index provider MSCI.

'There Is No Going Back': The Inside Story of Europe's Rupture With America

It was almost midnight in Brussels and the leaders of Europe were locked in their fifth hour of an emergency meeting with a single theme for discussion: how to manage a breakup with America.

The new year was only three weeks old and President Trump, after removing Venezuela's autocratic strongman, had briefly threatened to seize Greenland from Denmark. Around a circular table in the European Council headquarters known as "The Space Egg," heads of government were venting so emotionally about the 47th president that some of the nearly 30 leaders present would later call the session "therapy night." There were no cameras or recordings and each of the presidents and prime ministers was told to come alone, no phones allowed, for a moment to speak candidly.

Former General Emerges as Netanyahu's Chief Rival in Israeli Elections

HOD HASHARON, Israel-Benjamin Netanyahu's bid to survive as Israel's long-serving prime minister is running up against a groundswell of support for a political newcomer: a former general who lost his son in the Gaza war.

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July 06, 2026 06:22 ET (10:22 GMT)

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