Dow, S&P 500, Nasdaq futures climb on Middle East ceasefire hopes
US stock futures climbed on Monday as oil prices fell, driven by cautious optimism over a possible de-escalation in Middle East hostilities, with the US-Iran war still the market’s key catalyst.
S&P 500 futures (ES=F) rose roughly 0.4%, Nasdaq 100 contracts (NQ=F) gained 0.6%, and Dow Jones Industrial Average futures (YM=F) edged up 0.1%, News.Az reports, citing foreign media.
Wall Street stocks recovered losses from overnight trading following renewed threats from President Trump on Iran, as he postponed the deadline for attacks to Tuesday. Geopolitical tensions spiked after weekend destruction in the Gulf region.
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Reports of diplomatic efforts revived hopes for a ceasefire and the end of the Strait of Hormuz blockade. According to Reuters, Iran and the US received a proposed plan from Pakistan, and Axios reports that the sides, along with international mediators, are pushing for a 45-day halt in hostilities.
Oil prices retreated after earlier gains: Brent crude futures (BZ=F) fell 1.6% to around $107 per barrel, while West Texas Intermediate (CL=F) dropped about 2% to $109.
Investors on Monday will also digest the March jobs report, which showed the US economy added 178,000 jobs and the unemployment rate fell to 4.3%. Markets in the UK, Germany, France, and Australia remain closed for Easter Monday.
Key US inflation data is due Friday, and Delta Airlines earnings are expected Wednesday, keeping markets attentive in the week ahead.
By Nijat Babayev
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