US Pre-Market: Futures Rebound as Copper and Gold Rally, Ross Stores Jumps 7.6%
Sentiment: mixed S&P 500 futures: +0.48%
S&P 500 futures trade 0.48% higher at 7,699.25 into the Friday 21 August open as Treasury yields steady and metals rally, recovering part of Thursday's selloff that cut the Dow Jones Industrial Average 1.32% to 52,759.21. Ross Stores ROST.US leads the pre-market at 7.60% after second-quarter comparable store sales rose 10% and the company raised its full-year earnings forecast. The 10-year Treasury yield stopped climbing, sitting at 4.692% against Thursday's 4.696% settle, and the VIX has dropped 3.25% to 15.49.
Overnight drivers
- 10-year Treasury yield at 4.692% against 4.696% at Thursday's settle. Thursday's advance in yields triggered the equity selloff, and the flat print has small caps leading the rebound: Russell 2000 futures are 0.79% higher versus 0.48% for S&P 500 futures.
- Copper 2.17% higher at US$6.61/lb, gold 1.55% higher at US$4,642.30/oz and silver 2.06% higher at US$69.50/oz, against a US Dollar Index 0.22% lower at 98.68. The miners track it: FCX.US +4.04%, SCCO.US +3.49%, WPM.US +2.12%, NEM.US +1.97%.
- Bitcoin above US$77,000, extending a rebound that began after the 19 August White House digital-asset event where the administration pressed the Senate to pass the Clarity Act. Crypto-linked equities are bid: MSTR.US +8.15%, HOOD.US +5.46%, COIN.US +5.13%.
- Hang Seng 1.21% higher at 26,009.46, splitting the US-listed China names. NetEase NTES.US trades 6.84% higher after its Hong Kong line closed 4.45% up, while Alibaba BABA.US is 3.15% lower with its Hong Kong line 2.54% down.
Thursday's Wall Street close
The S&P 500 closed at 7,641.16 on Thursday 20 August, down 0.87%, with the Nasdaq Composite 1.00% lower at 26,067.17 and the Dow 1.32% lower at 52,759.21. The Russell 2000 fell 1.34% to 2,992.43 and the VIX settled at 16.01.
Walmart WMT.US fell 9.15% to $103.84 and accounted for most of the Dow's 703.84-point decline, after the retailer reported slowing US sales growth. Treasury yields turned higher through the session even after the Treasury Department said it would increase buybacks of long-dated debt, and that reversal set equity direction for the day. The week is still negative: the S&P 500 sits 1.9% below its 7,785.76 close of Friday 14 August, and the Nasdaq Composite is 2.5% lower across the same stretch.
Overnight Asia and Europe
| Index | Level | Change |
|---|---|---|
| Nikkei 225 | 66,016.36 | -0.30% |
| Hang Seng | 26,009.46 | +1.21% |
| KOSPI | 6,912.95 | +0.88% |
| STOXX 600 | 652.31 | +0.30% |
| DAX | 26,068.75 | +0.33% |
| FTSE 100 | 10,772.41 | +0.23% |
Hong Kong carried the Asian session while Tokyo slipped. All three European indices held gains into mid-afternoon local trade, the DAX strongest of them at 26,068.75.
Pre-market movers
| Ticker | Move | Reason |
|---|---|---|
| MSTR.US | +8.15% | Bitcoin above US$77,000 on the Clarity Act push |
| ROST.US | +7.60% | Q2 comps +10%, EPS $2.66, full-year forecast raised |
| NTES.US | +6.84% | Hong Kong line closed +4.45%; Q2 revenue beat |
| HOOD.US | +5.46% | Crypto legislation push; Ventures Fund II priced at $25 |
| COIN.US | +5.13% | Bitcoin rebound extends a third session |
| FCX.US | +4.04% | Copper +2.17% to US$6.61/lb |
| SCCO.US | +3.49% | Copper +2.17% to US$6.61/lb |
| LRCX.US | +2.41% | Semicap bid; MU.US +1.20%, NVDA.US +0.48% |
| BABA.US | -3.15% | Hong Kong line -2.54%; June-quarter net income -75% on AI capital spending |
Ross Stores reported second-quarter sales of $6.26 billion, up 13%, with earnings of $2.66 per diluted share against $1.56 a year earlier, including roughly $0.60 from tariff refunds. Off-price peers followed: BURL.US +2.03% and TJX.US +0.58%. Walmart WMT.US trades 0.13% lower at $103.71, holding all of Thursday's 9.15% drop.
Commodities, dollar and rates
| Asset | Level | Change |
|---|---|---|
| Copper | US$6.61/lb | +2.17% |
| Gold | US$4,642.30/oz | +1.55% |
| Silver | US$69.50/oz | +2.06% |
| WTI crude | US$87.13 | +0.35% |
| Brent crude | US$94.18 | +0.43% |
| US Dollar Index | 98.68 | -0.22% |
| US 10-year yield | 4.692% | -0.4 bp |
Gold, silver and copper all gained while the dollar eased, putting FCX.US, SCCO.US and NEM.US among the strongest names in the pre-market. Crude added less than half a percent on both benchmarks, holding Thursday's rise after the administration pledged to tighten economic pressure on Iran.
US economic calendar today (ET)
- 09:45 S&P Global flash manufacturing PMI, consensus 53.9 against 53.9 prior
- 09:45 S&P Global flash services PMI, consensus 54.0 against 54.6 prior
- 13:00 Baker Hughes rig count, consensus 456 against 455 prior
What to watch
- 09:45 ET flash PMI is the only scheduled US data of the session, and the services consensus of 54.0 sits under the 54.6 prior.
- The S&P 500 is 1.9% lower on the week, and the indicated 0.48% gain would recover roughly a quarter of that.
- BABA.US at -3.15% is the only decline among the nine names on the pre-market board above.
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