North American Morning Briefing: Stock Futures Flat, Oil Up as Inflation Worries Rattle the Market

Stock futures were steady Tuesday as investors remained cautious ahead of

inflation data and developments in the Middle East.

Brent extended the previous session's gains, trading at nearly $90 a barrel, as talks to reopen the crucial Strait of Hormuz waterway hit an impasse.

President Trump responded yesterday with new demands for Iran, writing on social media that the country should pay compensation for people who have been killed in conflict and protests.

"Markets found a darker cloud in the inflation outlook yesterday, as oil prices rose again amid the absence of a deal to reopen the Strait of Hormuz," said Deutsche Bank. Monday's moves "pushed things in a more hawkish direction."

Markets are pricing an increased chance that the Federal Reserve will raise interest rates in September in response to higher oil prices. LSEG data shows the probability back above 50% after being scaled back briefly following Friday's weaker-than-expected U.S. nonfarm payrolls report.

Investors are also awaiting upcoming CPI data for more cues on the interest-rate outlook.

"The Fed problem is becoming more awkward," Tickmill Group said. "Labour-market cooling can justify patience, but energy-driven inflation can undermine that patience if it lifts headline CPI, gasoline prices and household inflation expectations."

Stocks to watch

Intel increased the size of its stock offering to $20 billion, up from $15 billion announced previously. Shares ticked down slightly in premarket trading. On Holdings is set to report earnings ahead of the opening bell.

Riot Platforms surged more than 22% in premarket trading following a Bloomberg report that the bitcoin miner secured a $9.1 billion cloud deal with Anthropic.

Rocket Lab tumbled more than 8% premarket, falling despite narrowing year-over-year losses and reporting rising revenue.

Super Micro Computer, CoreWeave: Both AI infrastructure companies are set to report their earnings after markets close.

Trump Media & Technology posted a 10-fold increase in losses in the second quarter in its earnings after Monday's close, driven by declines in the valuation of its digital assets. Shares ticked down in premarket trading after shedding 8% yesterday.

Watch For:

U.S. Existing Home Sales for July

Today's Top Headlines/Must Reads:

- Anthropic Tries to Shore Up Investor Confidence Ahead of Blockbuster IPO

- Healthcare Investing Is Now an AI Short in Disguise

- See How a Tesla-SpaceX Merger Gives Musk a Shortcut to His $1 Trillion Payday

MARKET WRAPS Forex:

The dollar traded steady. The greenback is at risk of falling given the lack of confidence in how the Federal Reserve will respond to the energy-price shock driven by the Middle East conflict, MUFG said.

The euro fell. Realized volatility in the euro versus the dollar is likely to remain low in the near term, ING said.

Bonds:

Treasury yields rose as negotiations to reopen the Strait of Hormuz appear to have stalled.

Energy:

Brent extended a four-day rally as tougher U.S. and Iranian demands slow progress toward an agreement that could resume normal shipping through the Strait of Hormuz, MUFG said.

In early European trading, Brent crude was up 2.1%, while WTI futures rose 2.2% after settling 5% higher on Monday.

Metals:

Gold prices were broadly flat as investors awaited upcoming inflation data.

Gold chart

Comex gold futures' bullish setup remained intact, based on a daily chart, RHB Retail Research said. The relative strength index continued moving upward, reaffirming bullish momentum was in play.

Copper

Copper prices were higher in early trade, supported by tight near-term supply and expectations of constrained mine output. The market remains broadly bullish, driven by a weaker dollar and firm supply fundamentals, Baocheng Futures said.

Iron ore

Iron ore prices were higher in early trade amid potential supply disruptions. More workers have joined a strike at the Port Hedland iron ore export hub in Western Australia, ANZ Research said.

TODAY'S TOP HEADLINES

Anthropic Tries to Shore Up Investor Confidence Ahead of Blockbuster IPO

Anthropic is meeting with potential investors to shore up confidence in what could be the largest IPO of all time, offering assurances about its rapid pace of growth and strategies it expects will help address a growing public backlash against AI.

The $965 billion artificial-intelligence juggernaut is staring down a host of fresh challenges that are leading investors to take a more critical look at the company's business, including the recent popularity of cheaper AI systems made in China, tensions with the Trump administration and a growing backlash to data-center construction across the U.S.

Intel Increases Size of Stock Offering to Raise $20 Billion

Intel plans to raise $20 billion by way of an underwritten public offering of 210.5 million shares priced at $95 each.

The chip maker's offering was upsized to $20 billion from the $15 billion size it had previously announced, it said Tuesday. The offering is expected to close Aug. 12.

Samsung SDI Buys GM's Stake in U.S. Battery JV

Samsung SDI has acquired General Motors' 49.99% stake in SynergyCells, a $3.5 billion battery joint venture in the U.S., ending that joint venture amid sluggish electric-vehicle demand.

The South Korean battery maker said Tuesday it would use the SynergyCells plant in New Carlisle, Ind., which has been under construction since 2024, to make batteries for energy storage systems and other high-tech applications.

See How a Tesla-SpaceX Merger Gives Musk a Shortcut to His $1 Trillion Payday

Deep in a $1 trillion pay package approved by Tesla's shareholders is an escape clause that could pay off for Elon Musk in several ways if he folds the automaker into his SpaceX empire.

That kind of cars-and-rockets tie-up-the subject of widespread speculation among investors, and hinted at by Musk himself-would likely give him the tighter control he has long sought at Tesla. A hefty-enough price would also, in an instant, wipe away key performance targets standing between Musk and billions of dollars in shares.

Why the Real Oil Squeeze Is Happening in Refineries

Oil prices are dominating headlines as geopolitical tensions strain the flow of crude through key global chokepoints. Yet the bigger squeeze in energy markets is unfolding further downstream in the world's refineries, where crude is converted into the fuels that power the global economy.

A series of disruptions-from the Iran war and Ukrainian attacks on Russian energy infrastructure to China's restrictions on fuel exports-has taken millions of barrels of refined products off global markets and left customers scrambling to locate alternative supplies.

Healthcare Investing Is Now an AI Short in Disguise

Forget drug pipelines and clinical trials. These days, every healthcare trader has to be a part-time AI specialist just to keep up. That's because what matters most to large-cap pharma and health insurance stocks right now is the momentum of the artificial-intelligence boom.

For years, healthcare and semiconductor stocks weren't particularly tied to each other. They would sometimes drift in the same direction, but the relationship was loose. That changed in recent months, with the VanEck Semiconductor Exchange-Traded Fund (SMH) and the State Street Health Care Exchange-Traded Fund (XLV) moving into negative correlation, according to FactSet data. In other words, they increasingly go in opposite directions: when chips sell off, healthcare has tended to catch a bid.

China's Auto Market Weakens Further on Subdued Domestic Demand

China's auto market remained under pressure in July, as higher oil prices and a weak macro environment weighed on demand.

Retail sales of passenger cars fell 20.9% in July from a year earlier to 1.46 million units, the China Passenger Car Association said Tuesday. Sales fell 8.8% compared with June.

Water Groups Push Washington for Cyber Rules After Hacking Spree

Water associations renewed calls for Washington to set minimum cybersecurity standards, arguing a string of disruptive attacks has exposed the limits of voluntary federal guidance.

The American Water Works Association, whose members supply roughly 80% of U.S. drinking water, urged congressional leaders last week to advance legislation creating an independent organization to develop cybersecurity requirements for water and wastewater systems.

Gulf States Accept a New Normal in Hormuz: Iran Is in Control

DUBAI-Persian Gulf energy producers are concluding that Iran's control over the Strait of Hormuz will become permanent, disrupting their oil and gas exports and global energy supplies indefinitely.

The problem is they worry the alternative-going back to war-would be worse.

Trump Shifts to Economic Pressure, Again, as Iran Won't Meet His Demands

WASHINGTON-President Trump has settled on an old strategy in hopes of a new result in the Iran war, U.S. officials said: economic pressure.

Reluctant to resume all-out war and wary of diplomatic negotiations, Trump has adopted a wait-and-see approach that would give financial sanctions and a U.S. naval blockade of Iranian ports more time to inflict economic harm, U.S. officials said.

Trump Signs Order to Reduce Childhood Vaccines, Repeats Unfounded Autism Link

WASHINGTON-President Trump signed a new executive order Monday calling for most children to receive fewer vaccines and made some of his most extensive comments yet linking childhood shots and autism-a connection that scientists have said is unfounded.

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August 11, 2026 06:15 ET (10:15 GMT)