By Dow Jones Newswires Staff
U.S. stock futures were modestly higher early Friday, with a mixed picture across global stock markets the day after the tech-heavy Nasdaq composite hit a new record high. The dollar remained under pressure and Treasury yields rose after weak debt auctions and rising chances that the Federal Reserve will cut rates in September. President Trump said he would nominate Stephen Miran to fill a vacancy on the Federal Reserve's Board of Governors on a short-term basis. Last year, Miran, the head of the White House Council of Economic Advisers, co-authored a paper arguing for sweeping reforms at the Federal Reserve.
Elsewhere, gold futures rose sharply, building on recent gains, after the U.S. slapped tariffs on 1kg gold bars--a move that will mostly hurt Switzerland, which is also still trying to renegotiate its 39% trade tariff. Benchmark crude-oil prices slipped.
--U.S. futures for the Dow Jones Industrial Average rose 0.2% after ending Thursday's session lower. Futures for the S&P 500 and Nasdaq were up around 0.2%.
--The pan-European Stoxx Europe 600 climbed 0.2% in morning trading but major national markets were mixed, with gains in France but Germany's DAX fell.
The U.K's FTSE 100 added 0.2%, with miners leading the pack, buoyed by rising gold prices. Oil and gas companies were mixed across the region amid the slide in oil prices.
--In Asia, Japan's Nikkei 225 index closed up 1.9%. SoftBank was the biggest gainer during the session, surging 10%, after it reported better-than-expected first-quarter profit on Thursday, chiefly on a recovery in its tech funds business. Hong Kong's Hang Seng declined 1% while South Korea's Kospi ended down 0.5% but gained 2.9% on the week.
--The dollar fell as investors expect Trump's Fed-board nominee Miran to align with the President's push for lower interest rates. The DXY dollar index against a basket of major currencies was recently down 0.2% to 98.196 after reaching a 10-day low of 97.945 Thursday.
--Treasury yields continued to nudge higher after Thursday's auction of 30-year notes received weak demand. Analysts say demand for Treasurys has waned after recent weak U.S. jobs data caused yields to fall. The yield on 10-year Treasurys was up 1 basis point to 4.256% early in Europe, while the 30-year yield rose nearly two basis points to 4.830%, Tradeweb data show.
--In commodities, gold climbed to a fresh record high on Friday following a report that the U.S. slapped tariffs on imports of one-kilo gold bars, a move that threatens to disrupt the global bullion market. In early trade, futures rose 1% to $3,489.50 a troy ounce after reaching a peak of $3,534.20 earlier in the session. The tariffs on one-kilo gold bars--the most common form traded on Comex--deal a fresh blow to top refining hub Switzerland, the Financial Times reported, citing a letter from Customs Border Protection.
--Oil prices were on track for sharp weekly losses, with President Trump and Russian President Vladimir Putin potentially meeting as soon as next week and as U.S. tariffs weigh on the global economic outlook. In early trade in Europe, Brent crude and WTI both edged up around 0.1% to $66.50 and $63.90 a barrel, respectively, but are down 4.6% and 7.7% on the week. A meeting to discuss a Russia-Ukraine peace deal would significantly reduce the geopolitical risk premium and possibly affect Trump's secondary tariffs on India.
Write to Barcelona Editors at barcelonaeditors@dowjones.com
(END) Dow Jones Newswires
08-08-25 0431ET
