• US stock futures are holding steady after a sharp two-day rally that pushed the S&P 500 close to all-time highs
• Attention now shifts to US retail sales, followed by jobs and inflation data later this week
• Gold remains above $5,000 an ounce, while Treasury yields eased, with the 10-year around 4.18%
• Tech stocks are moving in sync with yields, suggesting interest rates matter more than earnings right now
• So far, 79% of S&P 500 companies reporting results have beaten expectations, keeping optimism alive
• On the stock-specific side, Ferrari and Spotify jumped on strong updates, while BP fell after pausing share buybacks
• In Asia, Japan stocks hit fresh record highs, while China’s yuan strengthened as regulators encouraged banks to reduce exposure to US Treasuries
What this means:
After last week’s AI-led volatility, markets are taking a moment to breathe. Investors are now asking whether the upcoming data can support rate cut expectations for 2026, or if strong numbers push yields higher again. A lot depends on the US consumer, whether spending stays resilient despite higher costs. For now, markets feel calm, but this calm is fragile, and this week’s data could quickly shift sentiment.