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Wall Street Futures Rise Ahead of ISM Services Data as OPEC+ Boosts Oil Output
U.S. equity futures moved modestly higher on Monday as investors returned from the Independence Day holiday, with Dow futures broadly unchanged, S&P 500 futures gaining 0.3%, and Nasdaq 100 futures rising 0.9%. Markets are focused on the Institute for Supply Management's June services PMI, expected to ease slightly to 54.2 from 54.5 in May, with any reading above 50 signaling continued expansion in the sector that accounts for more than two-thirds of U.S. economic activity. Oil prices edged lower after OPEC+ agreed to raise crude production targets by a further 188,000 barrels per day from August, with Brent crude slipping around 0.4% to $71.86 a barrel and U.S. West Texas Intermediate falling approximately 0.2% to $68.63. Spot gold declined as the U.S. dollar strengthened, reducing demand for the precious metal, after gold had benefited from weaker U.S. payroll figures that scaled back expectations of additional Federal Reserve rate increases. Foxconn reported a 39.8% year-on-year increase in second-quarter revenue to T$2.513 trillion, exceeding market expectations, driven by strong demand for artificial intelligence infrastructure.