Advertisment
Stock futures rose on Monday as Wall Street tried to recover from another losing week, with investors monitoring oil prices and the latest developments from the U.S.-Iran war.
Futures for the Dow Jones Industrials hiked 353 points, or 0.8%, to 47,239.
Futures for the S&P 500 index gained 62.5 points, or 0.9%, to 6,748,25.
Futures for the NASDAQ popped 275.5 points, or 1.1%. to 24,881.25.
The moves come after the S&P 500 notched its third losing week in a row and closed at its lowest level of the year on Friday. The benchmark index ended the week down 1.6%, while the Dow and Nasdaq shed about 2% and 1.3%, respectively.
Oil prices rallied last week, with Brent crude settling above $100 per barrel for the first time since 2022.
Crude soared as traffic in the Strait of Hormuz, a critical shipping route, has been effectively halted since the war began.
In early Monday trading, WTI crude traded close to 2% lower at around $96 a barrel. It traded above $100 per barrel overnight. Brent crude traded around the flatline at $103 a barrel.
President Donald Trump ordered on Friday strikes on Iran military assets located on Kharg Island.
While the attack didn’t impact oil infrastructure, Trump said the U.S. would consider hitting those structures if Iran continues to block the Strait.
Trump also told NBC over the weekend that Iran wants to make a deal, but he is not ready yet.
Along with oil and the war, investors will keep an eye on Nvidia, as the chipmaker’s GTC conference begins Monday. The Federal Reserve is also set to hold its second monetary policy meeting of the year, though no change to interest rates is expected.
In Japan, the Nikkei 225 dipped 0.1% Monday, while in Hong Kong, the Hang Seng shot ahead 1.5%.
Oil prices dropped $1.88 to $96.83 U.S. a barrel.
Gold prices descended $39.80 to $5,021.90 U.S an ounce.
