Stock futures rallied early Monday as oil prices declined, amid a pause in fighting between the U.S. and Iran over the weekend. Traders were also looking ahead to a demanding week of megacap earnings and a potentially surprising Federal Reserve meeting.
Futures for the Dow Jones Industrials galloped 570 points, or 1.1%, to 52,694
Futures for the S&P 500 hiked 66 points, or 0.9%, to 7,513.50
Futures for the NASDAQ Composite ballooned 394.75 points, or 1.4%, to 28,677.
Tensions elsewhere mounted after Ukraine struck an Iranian commercial vessel in the Caspian Sea, which prompted Tehran to accuse Kyiv of a “hostile and criminal act.”
The week ahead will have no shortage of challenges for the major averages. A succession of quarterly reports from Amazon, Apple, Meta Platforms and Microsoft will either soothe investor fears of rampant artificial intelligence spending, or add to them, after Alphabet’s disappointing results in the last week.
The results could directly affect semiconductor companies that are the chief beneficiaries of the AI spending spree.
In Japan, the Nikkei 225 gained 0.5% Monday, while in Hong Kong, the Hang Seng jumped 1%.
Oil prices cratered $6.24 to $83.07 U.S. a barrel.
Gold prices hiked $27.30 to $4,098.10 U.S an ounce.
