U.S. stock futures were mixed on Monday as investors further reduced expectations for an interest rate increase from the Federal Reserve in September following a run of softer economic data. Attention is also turning towards a busy week of retail earnings, including results from Walmart (NYSE:WMT), Home Depot (NYSE:HD) and Lowe's (NYSE:LOW). Elsewhere, Anthropic's (NASDAQ:ANTP) potential stock market debut is attracting attention as bankers and investors assess revenue projections that could reach $200 billion by 2028.
Shipping activity through the Strait of Hormuz also fell sharply over the weekend amid continuing tensions between the U.S. and Iran. By 03:08 ET ( ), Dow futures were down 26 points, or 0.1%, while S&P 500 futures gained 15 points, or 0.2%. Nasdaq 100 futures advanced 160 points, equivalent to 0.5%.
Wall Street's major indices had declined in the previous session, partly following weaker-than-expected U.S. retail sales figures. Applied Materials (NASDAQ:AMAT) also pressured technology stocks after its positive outlook failed to satisfy elevated market expectations. The semiconductor equipment company's shares dropped more than 5%, weighing on other companies linked to the artificial intelligence investment boom.
Deutsche Bank analysts said in a note to clients that signs of a summer slowdown in market activity were beginning to emerge, highlighting the VIX volatility index falling to its lowest level of 2026 on Friday. Despite equity indices remaining close to record highs, the analysts pointed to "challenging August crosswinds playing out in bond markets." "Expectations for an imminent Fed rate hike have been pulled back, but this has been accompanied by a significant U.S. curve steepening, with the backdrop of higher oil prices, elevated fiscal deficits, and demand for capital from the AI investment boom putting upward pressure on yields," the analysts wrote. The minutes from the Federal Reserve's July meeting and preliminary August business activity indicators could provide another important test for bond markets this week.
Retail earnings will also take centre stage. Home Depot is due to report alongside Target, Lowe's and Walmart, giving investors further insight into the strength of U.S. consumer spending. Anthropic (NASDAQ:ANTP) is forecasting annual revenue of approximately $190 billion to $200 billion by 2028 as bankers and investors evaluate the artificial intelligence developer ahead of a possible major initial public offering, reported.
The projection is more than four times the $47 billion revenue run rate disclosed by Anthropic in May, illustrating the scale of future growth being incorporated into potential valuations. , citing people familiar with Anthropic's finances, reported that bankers and investors are applying enterprise value-to-revenue multiples to forecasts extending two years into the future. Revenue multiples are commonly used to value rapidly expanding software companies that have yet to establish mature profitability. Using projections two years ahead is less conventional and reflects both Anthropic's rapid growth and the difficulties involved in valuing an AI business investing heavily in computing infrastructure, model development and employees.
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