US Futures Climb as Oil Prices Fall; Asian Markets Mixed
WHO:
ABC News - OPEC+ members, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.
CNBC - Mark Newton, head of Technical Strategy at Fundstrat.
WHAT:
ABC News - Uncertainty over oil supplies persists as talks with Iran to fully reopen the Strait of Hormuz are on hold during funeral ceremonies for Ayatollah Ali Khamenei.
CNN - Iraq's oil production was reportedly the hardest hit by the war, dropping by 75% to just over 1 million barrels a day in April and May, down from more than 4.5 million a day in January and February.
CNN - Iraq aims to produce a record 5 million barrels a day coming out of the war, with a long-term goal of reaching 7 million barrels a day.
CNN - The U.S. dollar rose to 162.08 Japanese yen from 161.34 yen, compared to 140 yen levels a year ago.
ABC News - U.S. futures rose following a long weekend on Wall Street.
ABC News - Oil prices slipped after OPEC+ announced that seven of its members plan to expand oil production by a combined total of 188,000 barrels per day in August.
ABC News - Brent crude lost 2 cents to $72.10 a barrel; U.S. benchmark crude gained 20 cents to $68.89 a barrel.
CNBC - Futures tied to the Dow Jones Industrial Average added 89 points, 0.17%; S&P 500 futures gained 0.4%; Nasdaq-100 futures advanced 0.98%.
CNBC - The Dow climbed nearly 2% last week, putting it within striking distance of 53,000.
CNBC - The S&P 500 closed last week at 7,483.24, about 7% below the 8,000 mark.
CNBC - The VanEck Semiconductor ETF (SMH) shed 3.2%, marking its second losing week in a row.
WHERE:
ABC News - Tokyo, Japan; Seoul, South Korea; Hong Kong; Shanghai, China; Australia.
CNBC - Asia-Pacific markets.
WHEN:
ABC News - OPEC+ announced the production increase on a Sunday.
CNBC - The minutes from the Federal Reserve's June meeting are set to be released later this week.
CNBC - Mark Newton expects the S&P 500 to reach 8,000 by mid-August.
WHY:
CNN - Iraq's motivation to increase oil production is driven by the need for cash.
ABC News - The increase in oil production is part of OPEC+ members' strategy, as it marks the fifth consecutive month they have agreed to raise output.
CNBC - The broadening in sector rotation is seen as a positive development, offsetting the consolidation in semiconductors.
HOW:
CNN - OPEC+ agreed to raise daily output by just 188,000 barrels, marking the fifth such incremental production increase since March.
ABC News - OPEC+ members are expanding oil production collectively by 188,000 barrels per day.
CNBC - Investors are rethinking artificial intelligence-driven plays and are focusing on the minutes from the Federal Reserve's June meeting.
(UPDATED July 6, 2026 14:12 UTC)
Uncertainty over oil supplies continues as talks with Iran to fully reopen the Strait of Hormuz are currently on hold due to funeral ceremonies for Ayatollah Ali Khamenei. Meanwhile, Iraq's oil production has taken a significant hit from the war, plummeting by 75% to just over 1 million barrels a day, but the country aims to rebound with a record target of 5 million barrels a day and a long-term goal of reaching 7 million. In the broader economic landscape, the U.S. dollar has risen to 162.08 Japanese yen, reflecting a notable increase from 161.34 yen just recently and a significant jump from 140 yen levels a year ago.
--
(UPDATED July 6, 2026 08:25 UTC)
OPEC+ members, including Saudi Arabia and Russia, have announced plans to expand oil production by a combined total of 188,000 barrels per day in August, marking the fifth consecutive month of output increases. Meanwhile, U.S. futures rose following a long weekend, with the Dow adding 89 points and the S&P 500 gaining 0.4%, while oil prices saw Brent crude slip to $72.10 a barrel and U.S. benchmark crude rise to $68.89 a barrel. Looking ahead, Mark Newton anticipates the S&P 500 will reach 8,000 by mid-August, as investors shift their focus to the upcoming release of the Federal Reserve's June meeting minutes.