Stock Market Update

The S&P 500 futures are up six points and are trading 0.1% above fair value, the Nasdaq 100 futures are down 17 points and are trading 0.1% above fair value, and the Dow Jones Industrial Average futures are up 43 points and are trading 0.1% above fair value.

There's not a lot of conviction in early action after last week's solid gains. Contracts tied to the Nasdaq 100 are lower while S&P 500 and Dow industrials futures trade higher. There's some hesitation in play ahead of influential events.

This week's lineup features earnings results from NVIDIA (NVDA) after Wednesday's close, along with the Fed's preferred gauge on inflation in the form of PCE Price Indexes on Friday.

Treasury yields are little changed. The 10-yr note yield sits at 3.81% and the 2-yr note yield sits at 3.91%.

In corporate news:

• NVIDIA (NVDA 129.94, +0.57, +0.4%): reporting earnings after Wednesday's close
• Pinduoduo (PDD 115.07, -24.68, -17.6%): beats by RMB2.81, misses on revs
• Intel (INTC 20.60, +0.06, +0.3%): hired advisors to help defend itself against activist investors, according to CNBC
• Canadian Pacific (CP 82.00, -0.02, -0.02%): Kansas City to restart rail operations following CIRB order
• lululemon (LULU 269.79, +1.24, +0.5%): having success with less expensive versions of premium products, according to WSJ

Reviewing overnight developments:

• Equity indices in the Asia-Pacific region began the week on a mostly higher note, drawing some encouragement from Friday's dovish speech from Fed Chairman Powell, who said that the time to adjust policy has arrived. Japan's Nikkei: -0.7%, Hong Kong's Hang Seng: +1.1%, China's Shanghai Composite: UNCH, India's Sensex: +0.8%, South Korea's Kospi: -0.1%, Australia's ASX All Ordinaries: +0.8%.
  • In economic data:
    • Singapore's July Industrial Production 10.1% m/m (expected 5.3%; last -4.3%); 1.8% yr/yr (expected -1.1%; last -4.3%)
  • In news:
    • The People's Bank of China left its medium-term lending facility rate at 2.30%, as expected.
    • Australia's Treasurer Chalmers will travel to China, marking the first visit by an Australian treasurer in seven years.
    • New Zealand's Prime Minister Luxon said that a ban on offshore oil and gas exploration will be reversed to deal with a domestic energy security crisis.
• Major European indices trade near their flat lines while the U.K.'s FTSE is closed for a Bank Holiday. STOXX Europe 600: UNCH, Germany's DAX: -0.1%, U.K.'s FTSE 100: HOLIDAY, France's CAC 40: +0.2%, Italy's FTSE MIB: UNCH, Spain's IBEX 35: +0.2%.
  • In economic data:
    • Germany's August ifo Business Climate Index 86.6 (expected 86.0; last 87.0). August Current Assessment 86.5, as expected (last 87.1) and Business Expectations 86.8 (expected 86.8; last 87.0)
    • Spain's July PPI -1.4% yr/yr (last -3.2%) o Swiss Q2 Employment Level 5.499 mln (last 5.481 mln)
  • In news:
    • European Central Bank Chief Economist Lane said at the Jackson Hole Symposium that the return to the 2.0% inflation target is not yet secure.
    • The latest policy minutes from Sweden's Riksbank showed an agreement to move policy toward a more neutral stance.
    • The leader of Germany's ifo Institute said that structural reforms are needed to boost consumer confidence and that the domestic economy is facing a deepening crisis.