Markets Open · No. 060 · Published 9:31 AM ET
Make sense of the market, every morning.
← Issue 059 Issue 060
01

Three Things to Know

1

Markets are frozen ahead of a huge week

The S&P moved just 0.08%. Nobody wants to commit before the Fed decides rates Wednesday and four of the biggest tech companies report earnings.

2

Oil dropped 2.26% to $90

A real move down. Cheaper crude eases inflation and helps consumers, and it hands Warsh's Fed a bit more breathing room next week.

3

Japan sank while Europe climbed

The Nikkei fell 2.73% and Chinese stocks dropped over 1%, but Germany's DAX rose 0.66%. The global mood is far from uniform.

02

Markets at a Glance

Composite Risk Score
5.0/10
Moderate · Stable Conditions
S&P 500+0.08%
7,414
5-day trend
NASDAQ-0.07%
25,121
5-day trend
10Y YIELD-0.47%
4.68%
5-day trend
VIX+1.02%
18.89
5-day trend
DOW JONES
51,821
+0.21%
RUSSELL 2K
GOLD
4,048
+0.04%
OIL WTI
90.11
-2.26%
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03

World Markets

North America
S&P 5007,413.88+0.08%
Nasdaq25,121.12-0.07%
Dow Jones51,820.56+0.21%
Oil (WTI)90.11-2.26%
Gold4,048.30+0.04%
10Y Yield4.68%-0.47%
VIX18.89+1.02%
USD Index101.48+0.05%
Europe
FTSE 10010,683.10+0.41%
DAX24,925.36+0.66%
CAC 408,331.96+0.40%
Euro Stoxx 506,252.98+0.69%
Asia
Nikkei 22564,611.15-2.73%
Hang Seng24,963.23-0.98%
Shanghai3,814.20-1.61%
04

The Big Picture

U.S. stocks barely moved. The S&P edged up, the Nasdaq slipped, and the Dow did the heavy lifting with a 0.21% gain. This is a market holding its breath. Traders don't want to make big bets ahead of next week, which brings a Fed decision and earnings from Microsoft, Meta, Apple, and Amazon. Europe was the bright spot, with Germany's DAX up 0.66%. Asia was ugly — Japan's Nikkei dropped 2.73% and Chinese stocks fell too.

Oil is the story worth watching. WTI dropped 2.26% to $90, a real move that hints at softer demand or easier supply. Cheaper oil helps consumers and cools inflation, which gives the Fed room to breathe. The 10-year Treasury yield ticked down to 4.68%, a small sign that bond investors expect Warsh's Fed to stay patient. Next week's payoff is huge and the risk is simple: if Big Tech earnings disappoint, this calm market has a long way to fall.

05

Story of the Day

CNBC Markets

U.S., other nations back open-source AI with 'strong security' at China summit

The U.S. and allies just endorsed 'open-source' AI — software anyone can inspect, use, and build on for free — at a summit in China. That's a shift, because it favors sharing over locked-down corporate models. For everyday investors, it means the AI money may spread beyond a handful of giants like Nvidia and Microsoft to smaller companies and startups that build on free tools.

06

More Headlines

07

Coming Up This Week

MON
27
8:30 AM ET
Durable Goods Orders ★★
Gauge of business spending; a soft number signals companies pulling back
TUE
28
10:00 AM ET
Consumer Confidence (Conference Board) ★★
Are shoppers still willing to spend, or getting nervous?
FOMC Meeting Begins ★★
Warsh's Fed sits down; the real news lands Wednesday
WED
29
MSFT Earnings ★★★
Cloud and AI spending in focus; a miss rattles the whole tech trade
META Earnings ★★★
Ad revenue is the tell for how confident businesses really feel
2:00 PM ET
FOMC Rate Decision ★★★
The main event — any surprise from Warsh moves everything
2:30 PM ET
FOMC Press Conference ★★★
Warsh's tone matters more than the rate itself
THU
30
AAPL Earnings ★★★
iPhone demand is the read on the global consumer
AMZN Earnings ★★★
Watch cloud margins and holiday-quarter guidance
8:30 AM ET
PCE (Personal Income & Outlays) ★★★
The Fed's favorite inflation gauge, landing right after its decision
8:30 AM ET
GDP (Q2 2026 Advance Estimate) ★★★
First look at how fast the economy actually grew
8:30 AM ET
Jobless Claims ★★
Any uptick would be the first crack in a strong labor market
FRI
31
XOM Earnings ★★
With oil sliding, watch how the energy giant holds up
10:00 AM ET
Consumer Sentiment (UMich, final) ★★
Final check on how households feel heading into August
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