Dow, S&P 500, Nasdaq futures look to snap 3-day losing streak as oil pauses rally

Bloomberg reports:

Gold steadied, as traders awaited US inflation data due later this week for clues to whether the Federal Reserve will hike interest rates.

Bullion was near $4,400 an ounce, after adding 1% in the previous session to snap a three-day losing streak. The metal has traded in a narrow range in recent weeks, with some investors betting on its long-term value as a portfolio hedge despite near-term headwinds from rising bond yields and escalating tensions in the Middle East.

Yields on 10-year Treasuries rose – a negative for gold, which doesn’t pay interest – after a government plan to buy up to $6 billion of longer-rated debt failed to sway the market. The muted reaction on Wednesday came after benchmark Brent crude prices hit $100 a barrel for the first time since July, highlighting concerns around inflation.

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Economic data: Initial jobless claims, week ended Sept. 5 (205,000 expected, 206,000 previously); Continuing claims, week ended Aug. 29 (1.78 million expected, 1.779 million previously); PPI final demand, month-on-month, August (+0.4% expected, +0% previously); PPI ex food and energy, month-on-month, August (+0.3% expected, +0.2% previously); PPI final demand, year-on-year, August (+5.2% expected, +4.7% previously); PPI ex food and energy, year-on-year, August (+4.6% expected, +4.2% previously); Existing home sales, month-on-month, August (-1.7% expected, -1.7% previously)

Earnings calendar: Oracle (ORCL), Adobe (ADBE), Macy’s (M)

Catch up on some top stories from overnight:

Apple debuts its first foldable, the iPhone Duo

China buys 1 million tons of US soybeans ahead of Xi visit, sources say

Asian shares fall and oil prices hold steady above $100 a barrel

Trump urges voters to let him ‘finish the job’ at GOP convention

Bond yields hit highest levels since 2023 after Treasury Department announces up to $6 billion buyback

At the Republican midterm convention in Dallas on Wednesday, President Trump issued a huge midterm election promise, vowing to send every American a $5,000 check if the GOP retains control of Congress.

“If the Republicans win, you win with us, and you get $5,000,” Trump said, without offering details about how the payments would work.

The proposal would cost over $1 trillion. It would also require approval by Congress, which would be a tough sell.

The promise from the campaign trail comes as Trump’s approval ratings have dropped as Americans grow dismayed by rising oil prices from the Iran war and the US’s trade spat with Canada.

According to the AP, Vice President JD Vance appeared to walk back the proposal after Trump’s speech, suggesting that the payments would not go to wealthy Americans and would be paid for by tariff revenues. Though the price tag of the “Trump dividend” would exceed what the US government is currently bringing in from its trade policies.