OPENING CALL

Stock futures were broadly flat as investors anticipated the arrival this week of key economic data.

Tuesday's release of consumer price figures will likely be the prime focus for investors keen to get a sense of the inflationary impact of tariffs on the American economy.

It follows weaker-than-expected jobs data which raised the prospect the Federal Reserve would cut interest rates next month.

Producer price index data is expected Thursday and the University of Michigan's preliminary consumer sentiment reading is expected Friday.

Investors will also likely be tuned in to any further tariff developments for specific sectors, including imported gold bars.

In addition, the trade truce with China is due to expire Tuesday.

Meanwhile, the U.S. and Russia were set to meet on Friday for talks on the war in Ukraine.

Stocks to Watch

Coinbase Global shares rose 5.1% reflecting a rise in other crypto names over the weekend.

Nvidia and Advanced Micro Devices stocks fell 1.4% and 2.6% respectively after the Wall Street Journal reported the chip makers will give the Trump administration a 15% cut of the sales revenue of their AI chips in China.

MicroStrategy shares rose 4.5%, the increase likely boosted by the surge in cryptocurrency prices.

Sarepta Therapeutics stock fell 9.8% after weekend media reports of the return of Food and Drug Administration regulator Dr. Vinay Prasad.

Watch For:

Weekly jobless claims data are due Thursday, followed by retail sales for July on Friday.

Companies to report their earnings this week include CoreWeave, Cisco Systems, Deere & Co and Applied Materials.

Today's Top Headlines/Must Reads:

- The U.S. Marches Toward State Capitalism With American Characteristics

- How to Offset Trump's Aluminum Tariffs: Recycle Your Beer Can

- Golf Carts Have Taken Over Suburbia. Cue the Resistance.

MARKET WRAPS

Forex:

The dollar edged lower against a basket of currencies, but remained within a tight trading range as investors awaited inflation data.

"All eyes will be on the degree to which core goods inflation is affected by tariffs and whether these same factors could be even more pronounced in the August CPI," Pepperstone said.

The euro rose slightly against the dollar and the summit between Trump and Putin over the Russia-Ukraine conflict could have implications for the bloc's currency, ING said.

"Should a ceasefire materialize in the coming weeks, the euro is likely to perform well, primarily against the dollar, yen, and Swiss franc."

Sterling traded flat against the dollar and lost ground versus the euro ahead of Tuesday's unemployment data which might not have a material impact, ING said separately.

Bonds:

Treasury yields edged lower after rising last week following weak demand at auction. Yields risked rising if Tuesday's inflation data shows prices rose more than expected, Capital Economics said.

Credit spreads on dollar-denominated high-yield bonds risked widening significantly due to labor-market weakness, Deutsche Bank said .

"Job growth needs to pick up soon, or the risk of dollar high-yield credit spread widening will persist."

Metals:

Gold futures slumped, reversing gains made in the prior session, on persistent tariff uncertainty.

Spot gold declined as the impact of U.S. tariffs on the gold market was likely to be limited.

Julius Baer said that though tariffs might disrupt the flow of physical gold, their impact on overall supply and demand would likely be minimal.

The LME three-month prices for both copper and aluminum declined. Copper prices were under pressure from unexpected U.S. tariff exemptions on refined metal imports as well as by operations resuming at the El Teniente mine in Chile.

Energy:

Oil prices fell as traders awaited Trump and Putin's meeting in Alaska.

"President Trump's deadline for Russia to strike a peace deal with Ukraine passed without stricter U.S. sanctions imposed on Moscow. This likely contributed to the recent weakness in crude oil prices, with Brent trading at its lowest levels since early June," according to ING.

OPEC+ was expected to hold its oil policy unchanged after the latest round of output hikes, according to UBS.

"After the full unwind of one layer of its production cuts, we expect the group to hold production unchanged unless larger and lasting supply disruptions emerge."

Oil prices were forecast to fall to a lower level than previously expected due to strong oil production from South America, resilient output from countries sanctioned by the U.S. and expectations of larger inventory builds, UBS said separately.

TODAY'S TOP HEADLINES

EV Battery Giant CATL Suspends Mining Project

Shares of Chinese lithium producers rose sharply while South Korean battery stocks strengthened, after Chinese battery maker Contemporary Amperex Technology suspended a major mining project.

The gains came after CATL, the world's largest maker of batteries for electric vehicles, said Monday that its license for a mine in Yichun, Jiangxi, had expired on Aug. 9 and that production at the mine had been suspended.

Intel CEO Singled Out by Trump to Visit White House on Monday

Intel CEO Lip-Bu Tan is set to visit the White House Monday after President Trump called for his removal last week over ties to Chinese businesses, according to people familiar with the matter.

Tan is expected to have a wide-ranging conversation with Trump, with the intent of explaining his personal and professional background, the people said. He could also propose ways that the government and Intel could work together, they said.

Activist Investor to Push Avantor to Make Changes or Sell Itself

Activist investor Engine Capital has built a stake in Avantor and plans to push the life-sciences company to sell itself or make other changes, according to people familiar with the matter.

Martin Sorrell's S4 Capital in Talks With MSQ Partners About Possible Tie-Up

Martin Sorrell's S4 Capital said it received a proposal from marketing group MSQ Partners, majority owned by private-equity firm One Equity Partners, about a potential tie-up and that they are in talks.

"These discussions are at a very preliminary stage and there can be no certainty that a transaction will be forthcoming," S4 Capital said.

Inside Target, Frustrated Employees and the Search for a New CEO

Many Target shoppers are frustrated with the retailer. Many Target employees are too.

In early June, a companywide survey showed that roughly half of Target's employees didn't think the company was making the changes necessary to compete effectively. About 40% of the roughly 260,000 staffers who replied said they didn't have confidence in the company's future. The scores-which declined from a year ago-were even lower for those staffers at Target's headquarters in Minneapolis.

American Companies Are Buying Their Own Stocks at a Record Pace

American companies are repurchasing their shares at a record pace, boosting their balance sheets and fueling the U.S. stock rally.

U.S. companies have announced $983.6 billion worth of stock buybacks so far this year, the best start to a year on record, according to Birinyi Associates data going back to 1982. They are projected to purchase more than $1.1 trillion worth overall in 2025, which would mark an all-time high.

Putin Tells U.S. He'll Halt War in Exchange for Eastern Ukraine

Russian President Vladimir Putin presented the Trump administration this week with a sweeping proposal for a cease-fire in Ukraine, demanding major territorial concessions by Kyiv-and a push for global recognition of its claims-in exchange for a halt to the fighting, according to European and Ukrainian officials.

President Trump said Friday he would meet with Putin in Alaska on Aug. 15, following Putin's proposal. He didn't provide additional information about the meeting or the exact location. The Kremlin didn't immediately respond to a request for comment.

Inflation Up or Down? What About Jobs? The Agency That Should Know Is on the Rocks

Erika McEntarfer, commissioner of the Bureau of Labor Statistics, was having a routine morning a couple of weeks ago at the new BLS headquarters in Suitland, Md.

The federal agency had just published the monthly jobs report, a release that business executives, Wall Street traders and Federal Reserve officials spend weeks anticipating. The figures showed that July hiring was below forecast. But the more striking news: BLS said it had overestimated May and June job creation by 258,000, revealing that the U.S. labor market was much weaker than previously thought.

Beijing Removes Suburban Home-Purchase Limit

Chinese property stocks rose in Hong Kong after Beijing scrapped longstanding restrictions on the number of homes city residents can buy in suburban areas, the latest move to revive the country's ailing real-estate sector and address a supply glut.

The Hang Seng Mainland Properties Index rose as much as 1.7% on Monday before paring gains to 1.1% by midday, outperforming the benchmark Hang Seng Index's 0.2% increase.

Trump's Fed Pick Is a Dove. How Miran Could Move the Market.

Wall Street shrugged at President Donald Trump's plan to nominate his economic adviser, Stephen Miran, to the Federal Reserve.

The immediate market reaction to Thursday's announcement was muted, but investors now must factor in another White House-aligned voice pushing for rate cuts and a lighter regulatory touch inside the central bank.

Israel Killed Five Al Jazeera Journalists in Airstrike, Network Says

TEL AVIV-An Israeli airstrike killed five Al Jazeera journalists, including one of the most prominent reporting from Gaza, the network said Monday.

The Israeli military confirmed it targeted Al Jazeera journalist Anas Al-Sharif in a strike Sunday night, accusing him of being a member of Hamas's military wing who headed a cell and was linked to rocket attacks against Israel.

China Detains Senior Diplomat Who Aided U.S. Relations

Liu Jianchao, a senior Chinese diplomat widely seen as a potential foreign minister, has been taken away by authorities for questioning, according to people familiar with the matter.

A veteran of China's foreign service who also fought corruption as a Communist Party graftbuster, Liu has most recently been serving as head of the party's International Department, which oversees relations with foreign political parties and socialist states.

Why India Can't Afford to Jettison Its Relationship With Russia

President Trump is using the threat of stiff tariffs to try to peel India away from Russia, as he attempts to boost pressure on Russian President Vladimir Putin to end the war in Ukraine.

But decades of close economic, political and military relations between New Delhi and Moscow mean Trump faces a challenge in persuading Indian Prime Minister Narendra Modi to drop a partnership that has survived great geopolitical turmoil.

Ukraine and Europe Counter Putin's Cease-Fire Proposal

BERLIN-European powers and Ukraine responded to Vladimir Putin's cease-fire plan with a counterproposal that they say must serve as a framework so that coming talks between President Trump and the Russian leader can gain traction, according to European officials familiar with the talks.

The European plan rejected a Russian proposal to trade Ukrainian-held parts of the Donetsk region for a cease-fire. It was put forward in a meeting with top U.S. officials in England on Saturday.

Israel's New War Plan Includes Fighting in Gaza's Central Refugee Camps

JERUSALEM-Prime Minister Benjamin Netanyahu said the new war plan approved by Israel's security cabinet includes dismantling Hamas in Gaza's central refugee camps in addition to Gaza City, a broadening that comes as he faces criticism internationally for expanding the war and from the far-right wing of his coalition for not going far enough.

The new war plan was approved just ahead of the weekend. Netanyahu discussed the plans in a phone call Sunday with President Trump, Netanyahu's office said.

Write to pierre.bertrand@wsj.com

TODAY IN CANADA

2Q Earnings:

Altius Minerals

Ballard Power Systems

Barrick Mining

Exchange Income

Franco-Nevada

K92 Mining

Lithium Argentina

MAG Silver

Orla Mining

Titanium Transportation

Westport Fuel

Economic Indicators $(ET)$:

Nothing major scheduled

Stocks to Watch:

Dorel Industries Inc. 2Q Rev $292.4M; 2Q Loss/Shr $1.38

Crown Capital Partners 2Q Loss/Shr C$0.62; 2Q Rev C$18.5M

Expected Major Events for Monday

08:00/ITA: Jul CPI

09:00/ITA: Jun Foreign Trade EU

23:01/UK: Jul BRC-KPMG Retail Sales Monitor

23:01/UK: Jul UK Nations and Regions Growth Tracker

23:50/JPN: Jul Money Stock, Broadly-defined Liquidity

All times in GMT. Powered by Onclusive and Dow Jones.

Expected Earnings for Monday

AAON Inc $(AAON)$ is expected to report $0.34 for 2Q.

Abeona Therapeutics Inc (ABEO) is expected to report $-0.39 for 2Q.

Agenus Inc $(AGEN)$ is expected to report for 2Q.

Annexon Inc $(ANNX)$ is expected to report $-0.37 for 2Q.

Aprea Therapeutics Inc $(APRE)$ is expected to report $-0.75 for 2Q.

AquaBounty Technologies Inc $(AQB)$ is expected to report for 2Q.

Avalo Therapeutics Inc (AVTX) is expected to report for 2Q.

B Riley Financial Inc $(RILY)$ is expected to report for 2Q.

Ballard Power Systems Inc (BLDP,BLDP.T) is expected to report $-0.13 for 2Q.

Barrick Mining Corp (ABX.T,B) is expected to report for 2Q.

CEVA Inc $(CEVA)$ is expected to report $-0.11 for 2Q.

Dorel Industries Inc - Class B (DII.A.T,DII.B.T,DIIBF) is expected to report for 2Q.

Excelerate Energy Inc $(EE)$ is expected to report $0.27 for 2Q.

Green Plains Inc $(GPRE)$ is expected to report $-0.33 for 2Q.

Harvard Bioscience Inc $(HBIO)$ is expected to report $-0.07 for 2Q.

Healthier Choices Management Corp (HCMC) is expected to report for 2Q.

Koil Energy Solutions Inc (KLNG) is expected to report for 2Q.

Kymera Therapeutics Inc $(KYMR)$ is expected to report $-0.89 for 2Q.

LB Foster Co $(FSTR)$ is expected to report $0.53 for 2Q.

Legend Biotech Corp - ADR $(LEGN)$ is expected to report $-0.12 for 2Q.

Lincoln Educational Services Corp $(LINC)$ is expected to report $-0.01 for 2Q.

MeiraGTx Holdings PLC $(MGTX)$ is expected to report $-0.52 for 2Q.

Motorcar Parts of America Inc (MPAA) is expected to report $-0.20 for 1Q.

Owens & Minor Inc $(OMI)$ is expected to report $-0.30 for 2Q.

PowerFleet Inc $(AIOT)$ is expected to report $-0.01 for 1Q.

Prelude Therapeutics Inc (PRLD) is expected to report $-0.43 for 2Q.

Protagonist Therapeutics Inc (PTGX) is expected to report $-0.53 for 2Q.

RadNet Inc (RDNT) is expected to report $0.09 for 2Q.

Rumble Inc $(RUM)$ is expected to report $-0.06 for 2Q.

Senvest Capital Inc (SEC.T) is expected to report for 2Q.

Smart Share Global Ltd - ADR (EM) is expected to report for 1Q.

Sonida Senior Living Corp (SNDA) is expected to report $-0.78 for 2Q.

Spirit AeroSystems Holdings Inc (SPR) is expected to report $-0.79 for 2Q.

TScan Therapeutics Inc $(TCRX)$ is expected to report $-0.33 for 2Q.

TX Rail Products Inc (TXRP) is expected to report for 3Q.

Telephone & Data Systems Inc (TDS,TDSS) is expected to report $0.01 for 2Q.

Telos Corp $(TLS)$ is expected to report $-0.14 for 2Q.

US Cellular Corp $(USM)$ is expected to report $0.30 for 2Q.

Village Farms International Inc (VFF,VFF-T) is expected to report for 2Q.

WideOpenWest Inc $(WOW)$ is expected to report $-0.19 for 2Q.

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ANALYST RATINGS ACTIONS

Atmos Energy Cut to Neutral From Buy by Ladenburg Thalmann

Block Cut to Sell From Buy by Compass Point

Clean Energy Fuels Cut to Hold From Buy by Jefferies

Cogent Communications Cut to Sector Perform From Outperform by RBC Capital

Construction Partners Raised to Outperform From Neutral by Baird

Crocs Cut to Equal-Weight From Overweight by Barclays

Crocs Cut to Hold From Buy by Stifel

Gilead Sciences Raised to Buy From Hold by Truist Securities

Golden Entertainment Cut to Hold From Buy by CBRE

Haemonetics Cut to Neutral From Overweight by JP Morgan

Health Catalyst Cut to Neutral From Buy by Citigroup

Health Catalyst Cut to Neutral From Overweight by Cantor Fitzgerald

Holley Raised to Buy From Hold by Benchmark

Installed Building Cut to Hold From Buy by Loop Capital

Installed Building Raised to Neutral From Underperform by Zelman & Assoc

LegalZoom.com Raised to Buy From Underperform by B of A Securities

Maplebear Raised to Buy From Hold by Benchmark

Mesa Labs Raised to Equal-Weight From Underweight by Wells Fargo

Monster Beverage Raised to Overweight From Neutral by Piper Sandler

Peloton Interactive Raised to Buy From Neutral by Goldman Sachs

Rockwell Automation Cut to Equal-Weight From Overweight by Wells Fargo

Sight Sciences Raised to Buy From Hold by Lake Street

Trade Desk Cut to Neutral From Buy by B of A Securities

Trade Desk Cut to Neutral From Buy by Citigroup

Trade Desk Cut to Neutral From Outperform by Wedbush

Zillow Group Cut to Neutral From Outperform by Zelman & Assoc

This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

August 11, 2025 06:15 ET (10:15 GMT)

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