SpaceX's Debut Earnings Report and US Jobs Data Loom Large

Next week will be crucial for global markets as they await key economic events and earnings reports from high-profile companies. The U.S. July nonfarm payrolls report, due on Friday, August 7, is expected to influence the Federal Reserve's next policy move, with a softening in job growth potentially triggering a dovish repricing.

SpaceX, led by Elon Musk, will release its first earnings report since going public, which may be closely watched given that up to 911.5 million shares will become eligible for sale next Monday. Short interest in SpaceX stands at approximately 34% of the company's publicly tradable shares, indicating that short sellers are betting against a positive outcome.

Tensions in the Middle East remain elevated, with Iran vowing to 'continue on the path of resistance and steadfastness' after U.S. President Trump called for Iran to be 'hit hard.' The market is also watching oil prices, which have pushed U.S. long-term Treasury yields to their highest level since the subprime mortgage crisis.