S&P 500 futures ticked higher on Monday following a winning week as oil prices fell slightly, with traders weighing the odds that the U.S.-Iran war could end soon.
Futures for the Dow Jones Industrials dipped 41 points, or 0.1%, to 46,091.
Futures for the much-broader index regained 7.75 points, or 0.1%, to 6,630.
Futures for the NASDAQ sprang back up 93.75 points, or 0.4%. to 24,311.75.
Netflix climbed 1.5% after a Goldman Sachs upgrade to buy from neutral. The bank said it sees Netflix as continuing to be the leader in content acquisition and development, and a high chance for multiyear capital return to shareholders.
Soleno Therapeutics shares surged nearly 40% after Neurocrine Biosciences announced an agreement to acquire the company for $53 per share in cash, valuing the deal at around $2.9 billion. Neurocrine said Soleno will help expand its medicine portfolio and strengthen its position as a leader in endocrinology and rare disease.
Axios reported that the U.S., Iran, and a group of regional mediators were discussing terms for a potential 45-day ceasefire that could lead to a permanent end to the war, though the chances for reaching a partial deal before the Tuesday deadline were slim.
Reuters also reported that Iran and the U.S. have received a plan to end hostilities that, if agreed, would result in an immediate ceasefire and the reopening of the Strait of Hormuz. The framework, which could come into effect on Monday, was put together by Pakistan, an unnamed source told Reuters.
On Sunday, President Donald Trump warned the U.S. would strike Iran’s power plants and bridges if the Strait of Hormuz isn’t opened by Tuesday. “Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one, in Iran. There will be nothing like it!!!” Trump said in a Truth Social post.
Oil prices whipsawed in volatile trading at the start of the week. The U.S. West Texas Intermediate for May was last around 1% lower at above $110 per barrel. International benchmark Brent crude prices declined 0.3% to above $108 per barrel. Crude traded higher overnight.
Wall Street is coming off a strong performance last week, with the S&P 500 soaring nearly 6%. That gain snapped a five-week losing streak and marked the benchmark’s best weekly performance since late November.
Monday will mark the first session during which investors will be able to react to the March jobs report, which came out on Friday. U.S. markets were closed due to Good Friday.
The U.S. economy added 178,000 jobs in March, well above the Dow Jones consensus of 59,000. The unemployment rate also fell to 4.3% from 4.4%, but that was largely due to a big drop in labor force participation.
Markets were closed for Good Friday.
In Japan, the Nikkei 225 eked ahead 0.6% Monday, while in Hong Kong, markets remained shut for holiday.
Oil prices sank $1.58 to $109.96 U.S. a barrel.
Gold prices progressed $34.50 to $4,714.20 U.S an ounce.
