North American Morning Briefing: Stock Futures Tick Higher Ahead of Jobs Report

Stock futures were up as investors awaited nonfarm payrolls data for

clues on what the Federal Reserve might do when it convenes next month.

A hotter-than-expected print could help reignite market expectations for rate hikes later this year.

"While we still do not believe that the Fed ultimately intends to take this step, the market is unlikely to be deterred from continuing to bet on a rate hike," Commerzbank said.

New Fed Chairman Kevin Warsh has refused to provide any clear indication of a potential rate rise and refrained from forward guidance. This puts greater emphasis on data, Commerzbank added.

Meanwhile, oil prices are rising modestly, with Brent crude futures around $83 a barrel, as Iran-Oman talks remain in focus.

However, while an agreement would ease a key geopolitical risk, the broader conflict would remain far from settled, according to analysts.

"Despite clear signs of progress in recent days, the tenor of the rhetoric and growing distrust between the U.S. and Iran mean things could go from bad to worse once again," according to ING. "There's plenty of risk and uncertainty to this view." Stocks to watch

Airbnb raised its full-year revenue forecast, citing growth in demand as it uses AI to improve its platform. Shares gained 7% premarket.

Atlassian shot up 31% premarket following a revenue beat powered by accelerated growth in its cloud business.

Maplebear jumped 12% in premarket trading after posting higher revenue, boosted by higher order volume.

Sweetgreen fell 16% premarket after the salad chain said its second-quarter loss widened and it lowered its outlook as the cyclosporiasis outbreak weighs on demand.

Trade Desk fell 27% after it reported lower-than-expected quarterly revenue.

Under Armour, Wendy's, Vistra, Take-Two: The companies are among the names set to report earnings ahead of the opening bell.

Watch For:

U.S. Employment Report for July; Canada Labour Force Survey for July

Today's Top Headlines/Must Reads:

- How Amazon Built a Data Center in a California Town Without Anyone Noticing

- China's New Export Engine: Supplying the Factories of the World

- This Fashion IPO's Growth Story Looks Flimsy

MARKET WRAPS Forex:

The dollar index traded in a tight range. The focus now shifts to U.S. non-farm payrolls for July, which is a key input into the timing of the Fed's eventual tightening cycle.

The greenback could rise if data are more positive than expected. This would strengthen expectations for the Federal Reserve to raise interest rates, Commerzbank said.

The euro traded steady. The currency has room to rebound further against the dollar, based on charts, said UOB.

The euro-dollar exchange rate has shown a bigger reaction to recent U.S. nonfarm payrolls data and could be particularly sensitive to Friday's release, ING said.

Sterling was trading in a tight range against the dollar this week in the absence of fresh policy announcements under Prime Minister Andy Burnham or notable U.K. economic data, Ebury said.

Bonds:

Treasury yields edged higher with the focus on the Iran war and the nonfarm payrolls report.

Energy:

In early trading, Brent crude rose 0.9% a barrel, while WTI futures were up 0.6%.

Metals:

Gold prices were on track for their largest weekly gain since January as investors await key U.S. jobs data later on Friday for more cues on the interest-rate outlook.

Copper

Copper prices held above $14,000 a metric ton as fears of potential U.S. import tariffs continue to draw large volumes of metal into the country, tightening physical markets elsewhere.

Iron ore

Iron ore rose in early trade. Global shipments have rebounded from a low level in July, while downstream steel mills' metal output has bottomed out as the supply and demand pressure on iron ore improves slightly, Nanhua Futures said.

TODAY'S TOP HEADLINES

FAA Orders Inspections of Over 400 Boeing 737 Max Jets for Possible Cracks

The Federal Aviation Administration has ordered the inspections of Boeing 737 Max jets for cracks of a component that could affect the structural integrity of the planes.

The FAA directive, which was published Thursday and will take effect on Sept. 10, will apply to certain Boeing 737-8, 737-9, and 737-8200 model airplanes. The FAA estimates that the mandatory inspections will affect 471 jets in the U.S.

This Fashion IPO's Growth Story Looks Flimsy

Reformation, fashion's latest initial public offering, is full of buzzwords: Sustainability, data-driven design and fast manufacturing are just a few appearing in its filing. But they might not be enough to protect its viral dresses from going stale.

The clothing brand, which became famous for making sustainable dresses that aren't frumpy, made its public-market debut last week. Its shares are up 7.5% from its offer price, giving the company a market cap of about $1 billion, nearly two times last year's revenue. That multiple is somewhere between Gap, which fetches a market cap that is about half of its trailing 12-month revenue, and Aritzia, which trades at four times.

Volkswagen Backer Porsche SE Calls for Faster Overhaul After $3.5 Billion Hit

Volkswagen's major shareholder urged swift action to improve competitiveness at the German automaker as it booked billions of euros of impairments on its investment.

Porsche Automobil Holding SE, which holds over 53% of ordinary shares in Volkswagen, said it recognized 3 billion euros ($3.46 billion) of impairments in the first half of the year related to its investment, and another 200 million euros on its Porsche holding.

SK Hynix to Invest $38 Billion on Expansion of Chip Production Capacity

SK Hynix plans to invest about $38 billion to expand semiconductor production capacity in South Korea, as it seeks to ramp up output to meet growing demand fueled by the artificial-intelligence boom.

The world's second-largest memory chip maker said Friday that its board approved 54.3 trillion won, equivalent to $38.15 billion, in investments-comprising 35.2 trillion won for new chip fabrication facilities in Yongin, south of Seoul, and 19.1 trillion won for new fabrication facilities in Cheongju, central South Korea.

Food Prices Rise in July As Weather, Wars Lift Costs and Weigh on Crop Yields, UN FAO Says

World food prices rose in July as heatwaves and supply disruptions in the Middle East and Black Sea regions pushed up prices and lowered crop yields, the United Nations' Food and Agriculture Organization said.

The FAO's food price index-which tracks a basket of widely traded food commodities-averaged 131.1 points last month, up 0.6% from its June level and 1% higher than a year ago. Gains in cereal, sugar and vegetable oils outweighed declines in meat and dairy prices.

Three Things to Know About China's Export Boom

China's exports have surged this year, driving its economic growth while threatening to exacerbate tensions with trading partners. Here are three things to know about China's latest monthly trade data, released Friday by the country's customs agency.

German Industry's Resilient Streak Continues Despite Lingering Uncertainty

German industrial production unexpectedly rose in June, extending a run of resilient manufacturing data that suggests Europe's largest economy has so far shrugged off the economic fallout from the war in the Middle East.

Factory output increased 0.2% on month after rising 0.7% in May, data agency Destatis said Friday. Economists polled by The Wall Street Journal had expected production to be unchanged.

U.S. Intel Finds Putin Could Test NATO's Resolve With Limited Incursion

WASHINGTON-Russian President Vladimir Putin could try to test NATO's resolve with a limited assault on an allied country in the next few years, according to new U.S. intelligence reports that posit possible scenarios ranging from a cyberattack to a small-scale land incursion.

The assessments, described by U.S. officials, come amid a shortfall in certain critical munitions that the military would need to confront Russia or China in a potential future war. The U.S. has severely degraded its stockpile of these weapons because of transfers to Ukraine after Russia's invasion, as well as the U.S. conflict with Iran. Stockpiles at risk include long-range Precision Strike Missiles and Army Tactical Missile Systems, as well as short-range Stinger surface-to-air missiles, other officials said.

China's New Export Engine: Supplying the Factories of the World

DONGGUAN, China-This city near Hong Kong helped turn China into the world's factory floor decades ago, churning out the cheap toys, shoes, clothing and electronics that powered the country's economic rise.

These days, Dongguan is at the center of a new industrial transformation: China is becoming a factory for factories. No longer just a producer of low-value consumer goods, China is now exporting more of the higher-value intermediate and capital goods that underpin global manufacturing, such as chips, precision machinery and robotic arms.

Can Iran's Diminished Diplomats Deliver a Hormuz Deal?

Arab mediators working on a deal with Iran to reopen the Strait of Hormuz said they fear the country's diplomats, who are under pressure from hard-liners in Tehran, lack the clout to guarantee compliance even if an agreement is reached.

The concerns, based on a pattern of faltering diplomatic efforts and conversations with Iran's negotiators, come as top Iranian representatives in the talks are increasingly under fire at home from hard-line officials and commentators who argue they are cutting deals that sell the country short.

Max Miller to Loan Campaign $1 Million, Rejecting Calls to Withdraw

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August 07, 2026 06:15 ET (10:15 GMT)

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