In the wake of the US attack on Iran over the weekend, the price of oil jumped about 2.0% in initial premarket trading Sunday evening, but it has settled back overnight to a 0.2% gain. Stocks have also been quiet as investors brace for what may happen next. US index futures are flat to down 0.1%, while in Europe, the FTSE is down 0.2% and the DAX is down 0.6%.
Meanwhile, Cryptocurrencies are rallying with Bitcoin up 2.3% and Ether up 3.3%. Precious metals are mixed with Platinum up 2.1% but Gold down 0.2%. The US Dollar is having a big day, gaining 1.0% against the Aussie, 0.5% against the Euro, and 0.3% against the Loonie.
Flash PMI reports, the first peek at economic conditions in June, showed mixed results: improvement in Japan and the UK, while Europe was mixed. US Flash Manufacturing (Street 51.0) and Flash Services (Street 52.9) reports are due at 9:45 am EDT, followed by US existing home sales at 10:00 am.
It’s the last full week of the month and quarter. On the earnings side, Nike and FedEx are among the headliners Tuesday, and Wednesday brings testimony from Fed Chair Powell, although we may not see much new since it has been less than a week since the last Fed meeting. Economic reports of note include Canada consumer prices Tuesday, US durable goods orders on Wednesday, and US core PCE inflation on Friday.