Nasdaq Futures rose on Monday as U.S. oil futures dipped below $100 a barrel, following a third consecutive week of losses for the three major equity indexes. In recent trading, futures for the Nasdaq 100, S&P 500, and Dow Jones Industrial Average showed gains of 0.9%, 0.8%, and 0.6%, respectively. The major indexes experienced a decline for the third consecutive week on Friday, as oil prices continued their upward trajectory. On Monday, West Texas Intermediate crude futures, the U.S. oil-price benchmark, were recently down 1.3% to $97.50 a barrel after earlier touching above $102.50. Brent crude futures, recognized as the global benchmark, reached $106.50 earlier and have recently experienced a slight increase to approximately $103.50 a barrel.
In recent Middle East developments, it is reported that President Donald Trump was attempting to build a coalition of nations to escort ships through the Strait of Hormuz. Trump warned he would consider attacking Iranian oil infrastructure on Kharg Island if the country continues to block the important shipping channel. Approximately 90% of Iran’s crude exports are processed on Kharg Island, a location that was targeted by U.S. bombings of Iranian military sites on Friday. Two days before the Federal Reserve’s decision on interest rates, the yield on the 10-year Treasury note, which influences interest rates on various consumer loans, decreased to 4.25% from Friday’s closing figure of over 4.28%—the highest closing level since January 20.
Gold futures experienced a decline of nearly 1%, settling at $5,020 an ounce, while silver futures saw a drop of nearly 2.5%, reaching $79.20 an ounce. The U.S. Dollar Index, which monitors the value of the greenback against a selection of currencies, decreased by 0.3% to 100.05. Bitcoin was trading at approximately $73,600, having risen from overnight lows that dipped below $71,500. Shares of the majority of the Magnificent Seven tech giants experienced an uptick before the market opened, with Meta Platforms leading the way with a 3% increase. This rise follows a report indicating that the parent company of Facebook and Instagram is contemplating significant layoffs due to considerable AI expenses.
On Friday, Meta stock experienced a decline of nearly 4% after the company was postponing the launch of a new AI model due to concerns regarding its performance. Nvidia stock experienced an increase of approximately 1.5% as its weeklong GPU Technology Conference commences today. The world’s most valuable company is anticipated to reveal new products and provide further insights into its roadmap during the event, with CEO Jensen Huang scheduled to deliver a keynote address on Monday at 2 pm.