Futures Jump To Start The Most Important Week Of The Summer

Starting what is the most important week for the market this summer - where 40% of the S&P reports earnings, the Fed reveals the September rate cut, along with decisions by the BOJ and BOE, and wel also get the July jobs report with countless other macro events on deck - stocks are solidly in the green as the carry trade destruction and tech rout that marked the past two weeks appears to have finally ended (as hedge funds buy the dip), and US equity futures as well as Asian and European markets are well in the green signaling rising optimism ahead of major central bank decisions and big tech earnings due this week. As of 7:45am ET, S&P 500 futures are up 0.4% while Nasdaq 100 futures gain 0.6%, with both set to extend their rebound for a second day after last week’s tech-fueled slump. Europe’s benchmark stock gauge rose 0.5% while Asian stocks gained more than 1%. Treasury yields declined four basis points to 4.16%, while the dollar edged higher against a basket of currencies. Bitcoin soared, rising just shy of $70,000 after Donald Trump said to "never sell your bitcoin." It's a quiet start to the extremely busy week, with just the Dallas Fed Manufacturing index on deck today.

In premarket trading, shares in crypto-linked companies rallied after Donald Trump expanded his pro-crypto agenda over the weekend, in a speech at the Bitcoin 2024 conference in Nashville, and said he’ll turn the US into the “crypto capital” of the world if he returns to the White House. Coinbase Global (COIN) +4%, Riot Platforms (RIOT) +4.3%, Marathon Digital (MARA) +4.5%. Bitcoin also rose, extending its gains to the highest level in six weeks.  Here are some other notable premarket movers: