US futures higher as Trump calls off Iran strikes and crude drops 6.6%
Sentiment: mixed S&P 500 futures: +0.48%
S&P 500 futures trade at 7,555.25 on 3 August 2026, up 0.48%, after President Trump called off what he described as massive strikes against Iran and said talks with Tehran begin Monday afternoon, sending WTI crude down 6.57% to $79.11. AZN.US is the biggest pre-market mover at -5.95% after the Financial Times reported preliminary merger talks with BMY.US, which trades up 4.21% at $68.05. MU.US -4.14% and SNDK.US -3.75% track a 5.12% drop in South Korea's KOSPI, holding Nasdaq futures to +0.11% against +1.08% for Dow futures.
Overnight drivers
- WTI -6.57% to $79.11, Brent -5.45% to $83.14. Trump told reporters aboard Air Force One that negotiations begin Monday afternoon. Iran foreign ministry spokesperson Esmaeil Baghaei said no negotiations are currently under way.
- BP.US -3.24%, EQNR.US -3.16%, COP.US -1.78%, XOM.US -1.45%, CVX.US -1.24% as the majors mark to the lower crude strip.
- UAL.US +2.44%, LUV.US +2.03%, DAL.US +1.53% on the fuel bill, taking the other side of the energy names.
- KOSPI -5.12% to 6,257.45 after Friday's 17.9% surge. Samsung Electronics closed down 8.76% and SK Hynix 8.79% on foreign profit-taking, and the KOSDAQ tripped a sidecar that halted program trading.
- US 10-year yield 4.671%, about 7bp below Friday's 4.745% settle, with 10-year note futures up 0.45% confirming the bid.
Overnight Asia and Europe
- KOSPI: 6,257.45 (-5.12%)
- Nikkei 225: 63,754.90 (-0.94%)
- Hang Seng: 26,009.40 (+0.48%)
- Shanghai Composite: 3,809.66 (-0.59%)
- DAX: 25,982.33 (+1.38%)
- CAC 40: 8,618.04 (+1.27%)
- STOXX 600: 651.95 (+0.43%)
- FTSE 100: 10,878.91 (+0.10%)
DAX +1.38% and CAC 40 +1.27% hold the largest gains of the session, while the FTSE 100 adds 0.10% because its energy weighting works against it on a 5.45% Brent move. Hong Kong closed up 0.48%, and Seoul and Tokyo unwound part of last week's chip rally.
Pre-market movers
| Ticker | Move | Reason |
|---|---|---|
| BMY.US | +4.21% | FT reports merger talks with AZN.US, near $400bn combined |
| SAP.US | +3.92% | Largest gain in the software group |
| BABA.US | +3.62% | Extends Friday's 5.10% gain |
| SNOW.US | +3.47% | Reverses Friday's 1.62% fall |
| PLTR.US | +3.01% | Second-quarter result due after Monday's close |
| UAL.US | +2.44% | Jet fuel tracks crude 6.57% lower |
| AZN.US | -5.95% | Investors balk at the reported BMY.US tie-up |
| MU.US | -4.14% | Samsung -8.76% and SK Hynix -8.79% set the mark |
| SNDK.US | -3.75% | Memory selling extends, after -5.09% Friday |
| MAR.US | -3.71% | Q2 revenue $7.07bn missed the $7.21bn consensus |
| WDC.US | -3.46% | Storage sold alongside memory |
| BP.US | -3.24% | Brent 5.45% lower |
| ARM.US | -2.81% | Chip designers marked down, no company news |
ADBE.US +2.83%, PANW.US +2.89% and DDOG.US +2.55% gained while AMAT.US -2.46%, KLAC.US -2.58% and AMD.US -2.40% fell, extending a rotation out of chip hardware into software that ran through late July. NVDA.US -1.26% fell less than the equipment names.
MAR.US reported before the open. Second-quarter revenue of $7.07bn came in under the $7.21bn consensus, adjusted earnings of $3.19 a share beat by 3.6%, and management lifted full-year adjusted earnings guidance to a midpoint of $11.73.
US economic calendar today (ET)
- 09:45 S&P Global Manufacturing PMI, final July reading, 53.8 prior
- 10:00 ISM Manufacturing PMI July, 54.0 expected against 53.3 prior
- 10:00 ISM Prices Paid July, 70.0 expected against 73.0 prior
- 10:00 ISM New Orders July, 57.0 expected against 56.0 prior, with ISM Employment 49.7 prior
- 10:00 Construction spending for June, +0.2% expected against +0.1% prior
- After the close PLTR.US second-quarter result, revenue estimated near $1.81bn, and SNAP.US
Setup into the open
- Dow futures +1.08% against Nasdaq futures +0.11% is the widest split of the four contracts, and Russell 2000 futures +0.67% sit between them.
- VIX 16.07 against Friday's 15.99 close and 20.66 on 29 July. Traders priced most of the de-escalation before the weekend.
- Gold unchanged at $4,106.80 an ounce and the dollar index at 99.75 (-0.16%) show no safe-haven unwind.
- Roughly 300 S&P 500 companies have reported, about 85% have beaten estimates, and aggregate profit growth is tracking above 47%.
- AMZN.US +15.32% on its result and AAPL.US -7.35% split Friday's session, which closed the S&P 500 at 7,489.72 (+0.70%) and the Russell 2000 at 2,931.34 (-0.50%).
- Friday's July employment report closes a week that also carries JOLTS, weekly jobless claims, and results from AMD, McDonald's and Disney.
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