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Briefing.com Summary:

*Crude oil dives after weekend pause in strikes against Iran.

*Excitement surrounding CXMT's IPO debut in Shanghai.

*Busy week of data ahead.

The last week ended in shaky fashion in the stock market, as the S&P 500 gave back the bulk of its Friday gain while continued volatility in technology drove the Nasdaq to its lowest close since late April.

The new week, however, is set for a strong start with significant help from a weekend pause in U.S. strikes against Iran to give another chance for diplomatic efforts. As a result, crude oil has slid back below its 50-day moving average (84.20) toward $80/bbl.

In addition to the sentiment boost from lower energy prices, investors witnessed a sterling debut for China's memory maker CXMT, whose shares surged nearly 500% in their first day of trading in Shanghai. The excellent launch was a welcome sight given the recent volatility in global chip stocks, though news of NVIDIA's (NVDA) reported plan for a $750 bln AI infrastructure deal has revived concerns about the rapidly growing industry group's reliance on circular financing.

Last week was quiet on the economic data front, but things will pick up notably this week with the advance Q2 GDP (Briefing.com consensus 2.3%; prior 2.1%) report scheduled for a Thursday release.

Meanwhile, this morning's data slate was limited to the Durable Orders report for June, which rose 0.3% month-over-month in June (Briefing.com consensus 2.0%) after an upwardly revised 4.0% decrease (from -4.5%) in May. Excluding transportation, durable goods orders were up 0.6% month-over-month (Briefing.com consensus 0.9%) after increasing an upwardly revised 1.8% (from 1.3%) in May.

The key takeaway from the report is that the headline miss masked upward revisions to readings from May and concealed a 0.9% increase in new orders for nondefense capital goods excluding transportation, which is considered a proxy for business spending. On a year-over-year basis, these orders are up 9.3%.

Treasuries are building on their Friday rebound with the 10-yr yield down three basis points at 4.65% while the 2-yr yield is also one basis point at 4.32% ahead of today's 2- and 5-yr note auctions.