U.S. stock futures showed little movement ahead of a critical Washington meeting between President Donald Trump and Ukrainian President Volodymyr Zelensky. Investors are also watching the Federal Reserve closely, with minutes from the central bank’s July policy meeting and a speech by Chair Jerome Powell scheduled later this week. Meanwhile, cybersecurity firm Palo Alto Networks (NASDAQ:PANW) is set to release earnings after the market close.
Futures See Limited Action
On Monday, U.S. stock futures were subdued as traders prepared for potential shifts in Fed interest rate policy and tracked developments in the upcoming U.S.-Ukraine talks. By 03:23 ET (07:23 GMT), Dow futures were down 97 points, or 0.2%, S&P 500 futures fell 7 points, or 0.1%, and Nasdaq 100 futures remained mostly flat.
Last Friday, major U.S. indexes ended mixed. The Dow Jones Industrial Average briefly hit a new intra-day high, joining the S&P 500 and Nasdaq Composite in reaching record peaks earlier in the week. However, the S&P 500 and Nasdaq closed lower, weighed down by declines in technology, financials, industrials, and utilities.
Fed Minutes and Powell Speech in Focus
Attention now turns to Wednesday’s release of the minutes from the Fed’s July policy meeting, where the central bank left borrowing costs unchanged at 4.25%–4.5%. The decision saw a rare dissent by two officials. Fed Governors Christopher Waller and Michelle Bowman both advocated for a rate reduction, citing the need to support a softening labor market.
Recent economic data has painted a nuanced picture. U.S. jobs growth came in significantly weaker than expected, with revisions to May and June payrolls pointing lower. At the same time, retail sales jumped, following a steep rise in producer prices. Together, these figures indicate a slowing labor market with mild, tariff-driven inflationary pressures.
Complicating the outlook, Trump’s actions have raised doubts about the reliability of government data, with some analysts predicting greater reliance on private-sector metrics. Trump dismissed the head of the agency responsible for compiling statistics, claiming—without evidence—that downward revisions in the latest jobs report were politically motivated. He later nominated the Heritage Foundation’s chief economist to lead the agency.
Fed Chair Jerome Powell will address these dynamics in a closely-watched speech at the Jackson Hole symposium in Wyoming on Friday. Powell has traditionally favored caution, but markets—anticipating a possible rate cut in September—will be scrutinizing whether recent data has influenced his outlook.
Zelensky Meets Trump
Ukrainian President Volodymyr Zelensky is scheduled to meet Trump in Washington on Monday, aiming to outline a potential path toward peace. Concerns remain that Trump may push Zelensky toward a settlement viewed as favorable to Russia. Zelensky has already downplayed proposals presented to Trump by Putin at an Alaska summit, which included ceding parts of eastern Donetsk.
Zelensky, joined by leaders from various European nations, has emphasized support for a “swift and reliable” end to the conflict but insisted Russia must be willing to conclude the war “it started.” Trump, meanwhile, stated on Truth Social: “Zelensky can ‘end the war with Russia almost immediately, if he wants to, or he can continue to fight.’”
“[T]he Ukraine situation seems to be entering a highly fluid state, and there could be additional developments in the days, weeks, and months ahead,” analysts at Vital Knowledge noted. They added that, from a market perspective, the Trump-Putin talks in Anchorage did not yield major outcomes like a full ceasefire or “draconian secondary tariffs on China.”
Palo Alto Networks Earnings Ahead
Cybersecurity firm Palo Alto Networks is expected to lead Monday’s earnings reports for the July quarter, releasing results after the closing bell. Analysts anticipate fiscal fourth-quarter adjusted EPS of $0.89 on revenue of $2.5 billion, per Bloomberg consensus forecasts.
This marks the company’s first earnings report since acquiring Israeli rival CyberArk Software for roughly $25 billion in July, its largest acquisition to date. While CEO Nikesh Arora views the deal as a way to capitalize on AI-driven demand for cybersecurity solutions, analysts have raised questions about integrating a platform of CyberArk’s size. Palo Alto has completed at least seven acquisitions in the past two years.
Gold Gains Ground
Gold prices climbed in European trading on Monday, rebounding from a more than two-week low as safe-haven demand remained strong amid ongoing Russia-Ukraine tensions. Anticipation ahead of the Jackson Hole symposium also supported gold, while weighing on the dollar as investors factor in potential Fed rate cuts next month.
Spot gold rose 0.6% to $3,355.47 an ounce, while October gold futures increased 0.5% to $3,400.55/oz by 03:22 ET. The metal had fallen to a two-week low last week.
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