US Equities Up Midday; Nasdaq Leads Gains, Gold Rises, Oil Mixed

Lead US equities are trading higher at midday, with Nasdaq futures leading the charge, up 0.88%. S&P 500 futures are up 0.30%. Gold has seen a notable increase, rising 0.64%, while crude oil prices are mixed, with WTI crude down 0.11% and Brent crude down 0.24%. The US 10-year yield has fallen 0.26%. Session narrative Equity markets are showing positive momentum at midday. The Nasdaq 100 ETF (QQQ) is up 0.94%, and the S&P 500 ETF (SPY) is up 0.32%. The Dow ETF (DIA) is also in positive territory, up 0.09%. Volatility, as measured by the VIX, is down 3.53%. This comes after the US CPI data for July showed a 3.4% year-over-year increase, a slight slowdown from June's 3.5%. Geopolitical developments remain a key focus, with reports of Russia striking a vessel in Odesa port and US President Trump stating the US has total control over the Strait of Hormuz. Earnings reports are also influencing individual stock movements, with companies like Lumentum Holdings (LITE) posting solid Q4 results and Super Micro Computer (SMCI) raising guidance. Cross-asset check In the commodities market, gold is up 0.64% and silver is up 0.75%. Natural gas is showing strength, up 1.12%. However, crude oil prices are slightly down, with WTI crude falling 0.11% and Brent crude down 0.24%, despite earlier concerns about the Strait of Hormuz. Copper is down 0.18%. In the fixed income market, the US 10-year yield is down 0.26%. The US Dollar Index is up 0.10%, while EUR/USD is down 0.13% and GBP/USD is down 0.04%. USD/JPY is up 0.08%. Themes & continuing stories Geopolitical tensions continue to be a dominant theme. Reports of Russia striking a vessel in Odesa port add to ongoing concerns in Eastern Europe. Discussions around the Strait of Hormuz and US control over it are also influencing energy markets. The US has fired more missiles in five months than in any year since Desert Storm, highlighting heightened military activity. Elsewhere, an oil spill from a grounded Russian tanker is spreading in Oman, threatening the coastline. Nuclear talks between the US and Iran are reportedly delayed, indicating persistent diplomatic challenges. On the economic front, the latest CPI data showing a slowdown in inflation is a key macro driver. What’s ahead Market participants will continue to monitor geopolitical developments, particularly in Eastern Europe and the Middle East. The impact of the latest inflation data on central bank policy expectations will also be closely watched. Further corporate earnings reports and any new economic data releases will provide additional direction for the markets in the afternoon session and going forward.