US Equities Mixed Midday; S&P 500 and Nasdaq Futures Down, Russell 2000 Up; Oil Rises

Lead US equity futures are mixed at midday. S&P 500 futures are down 0.20% and Nasdaq futures are down 0.36%. Russell 2000 futures are up 0.32%. WTI crude is up 0.70% and Brent crude is up 1.02%. The US 10-year yield is up 1.01%. Session narrative US equity futures show a mixed picture at midday. S&P 500 futures are down 0.20%, while Nasdaq futures are down 0.36%. In contrast, Russell 2000 futures are up 0.32%. The US Dollar Index is down 0.39%. Commodities are seeing gains, with WTI crude up 0.70% and Brent crude up 1.02%. Gold is also up 0.55%. The US 10-year yield has risen by 1.01%. News flow includes Fed's Goolsbee commenting on CPI and productivity, and ongoing geopolitical tensions in the Middle East and Black Sea region affecting oil and wheat prices. Applied Materials shares are down despite a Q3 revenue beat and raised Q4 guidance. Broadcom shares are also down 5%. The University of Michigan's preliminary consumer conditions index came in at 51.8, below the 54.8 forecast. Cross-asset check Equity futures are mixed, with large caps slightly lower and small caps higher. The US Dollar Index is weaker, while EUR/USD is up 0.40%. The US 10-year yield is higher by 1.01%. Crude oil prices are up, with WTI crude gaining 0.70% and Brent crude up 1.02%. Gold is also seeing gains, up 0.55%. The VIX is down 1.09%. The Baltic Dry Index rose 0.7% to 2,863, with Capesize earnings up $627 to $37,652. US business inventories were unchanged month-over-month. Spot silver is up 0.15%. Robinhood CIO suggests the AI boom may lift stocks and pressure bonds. MarineMax is set to be acquired by Safe Harbor Marinas for $53 per share. The S&P 500 dipped to an intraday low after turning negative. UnitedHealth shares fell to a 9-week low. Thrive Capital added a new $3.23 billion SpaceX stake in its 13F filing. JPMorgan initiated coverage of AppLovin at Neutral. The US warns Canada to remove retaliatory measures before an August 19 tariff deadline. Russia reportedly hit Ukraine's Odesa and Pivdennyi ports. CENTCOM reported a US sailor directing an MH-60R during nighttime operations in the Arabian Sea, enforcing a blockade against Iran. Israeli military forces reportedly violated Syrian territory again. The DOJ and CFTC are investigating iron ore trader Radiant World. US single-family investor sentiment hit a record low, with purchases falling 23% in Q1. Phillips 66 and Marathon held now-scrapped merger talks. The University of Michigan's preliminary 5-year inflation expectation is also being watched. The S&P 500 previously closed at a record 7,798.99 after cooler inflation reports. The US dollar index fell past 99.6, nearing a two-month low. Themes & continuing stories Geopolitical tensions remain a significant theme, with reports of Russian strikes on Ukrainian ports, US-Iran tensions in the Strait of Hormuz, and Israeli military actions in Syria. These events are impacting commodity markets, particularly oil and wheat. Central bank policy and economic data continue to influence market sentiment, with Fed officials commenting on inflation and productivity. Trade disputes, such as the US-Canada tariff deadline, also bear watching. What’s ahead Traders will continue to monitor geopolitical developments, particularly in the Middle East and Black Sea region. Further commentary from central bank officials and upcoming economic data releases will also be key. The August 19 tariff deadline between the US and Canada is a near-term focus point.