US Equities Mixed Midday; S&P 500 and Dow Futures Down, Nasdaq Futures Up; Gold Rises
US equity futures are mixed at midday. S&P 500 futures are down 0.15% and Dow futures are down 0.30%. Nasdaq futures are up 0.18%. Gold is up 1.05% and silver is up 2.23%. The VIX is up 5.68%.
Lead
US equity futures are mixed at midday. S&P 500 futures are down 0.15% and Dow futures are down 0.30%. Nasdaq futures are up 0.18%. Gold is up 1.05% and silver is up 2.23%. The VIX is up 5.68%. The US 10-year yield is up 0.21%. WTI crude is up 0.46% and Brent crude is up 0.63%. The US Dollar Index is down 0.19%.
Session narrative
Equity markets are seeing mixed performance at midday, with a slight downward bias for broader indices while tech-heavy Nasdaq futures show gains. Volatility, as measured by the VIX, is elevated. Geopolitical developments are a significant driver, with Iran reportedly shifting to an "offensive" policy, contributing to ongoing tensions in the Middle East and impacting oil prices. The Strait of Hormuz remains a focal point for energy market concerns. Precious metals are benefiting from the risk-off sentiment, with gold and silver posting strong advances. On the economic front, the New York Fed's Empire State manufacturing index surged to 20.6 in August, marking a 4-year high and exceeding expectations. This suggests robust factory activity in the region. Meanwhile, the US Strategic Petroleum Reserve saw a draw of 5.3 million barrels, bringing crude stocks to 293.4 million, the lowest level since 1982. Corporate earnings continue to influence individual stock movements; Netflix shares are down following a miss on Q2 revenue and soft Q3 guidance. Super Micro Computer also traded lower despite beating EPS estimates, as revenue missed and investors reacted to mixed results. Nike fell to a fresh 52-week low, pressured by sector-wide concerns after competitor guidance.
Cross-asset check
In fixed income, the US 10-year yield is up 0.21% to 4.71%. The US Dollar Index is down 0.19% to 99.48. Commodities are active, with WTI crude up 0.46% to $82.78 and Brent crude up 0.63% to $89.08. Gold is up 1.05% to $4483.9, and silver is up 2.23% to $66.56. Natural gas is down 1.43%. The VIX is up 5.68% to 15.06.
Themes & continuing stories
Geopolitical tensions in the Middle East are a dominant theme, with reports of Iran adopting an "offensive" policy and concerns over the Strait of Hormuz. This is contributing to higher oil prices and a flight to safety in precious metals. The White House has confirmed Xi Jinping's visit to the US on September 24, which will be closely watched for any de-escalation or further developments in US-China relations. Corporate earnings season continues, with several companies reporting mixed results and providing guidance that is impacting their stock performance and broader sector sentiment.
What’s ahead
Looking ahead, market participants will be monitoring the economic calendar and any scheduled Federal Reserve speeches for Tuesday, August 18. The confirmed visit of Chinese President Xi Jinping to the US on September 24 will be a key event, with his arrival expected late on September 23 and departure on September 25. Further developments in the Middle East and any updates regarding the Iranian policy shift will also remain critical for market direction.