Nasdaq Futures indicated a downward trend on Tuesday, following a significant rise in major indexes the previous day, as oil prices experienced a rebound. Meanwhile, today marks the commencement of the two-day Federal Reserve meeting concerning interest rates. In recent trading, futures for the Nasdaq 100, S&P 500, and Dow Jones Industrial Average experienced declines of 0.3%, 0.2%, and 0.2%, respectively. Yesterday, the major averages commenced the week with significant gains as oil prices declined following a surge that began with the outbreak of the Middle East conflict on Feb. 28. Oil futures continued their upward trajectory today, with West Texas Intermediate crude futures, the U.S. oil-price benchmark, increasing by 3% to $96.25 a barrel, while Brent crude futures, the global benchmark, also rose by a comparable percentage to approximately $103 a barrel.

Oil futures increased partly due to the refusal of several U.S. allies to support President Donald Trump’s request for assistance in reopening the Strait of Hormuz, a crucial shipping route that typically sees about 20% of the world’s crude oil transit. Iran has issued threats to target ships trying to navigate the Strait, leading to a significant decline in tanker traffic and a surge in crude prices. Furthermore, Israel reported that Iran’s security chief, Ali Larijani, was killed in airstrikes overnight. The yield on the 10-year Treasury note, which influences interest rates on various consumer loans, remained relatively stable from Monday’s close at above 4.22% as the Fed policy meeting begins. The central bank is anticipated to maintain interest rates at their current levels this week, as uncertainty stemming from the Iran war looms.

Analysts forecast a prudent, wait-and-see strategy to assess possible disruptions in the oil market and their subsequent economic effects. Gold futures rose to $5,010 an ounce, while silver futures remained relatively unchanged at $80.70 an ounce. The U.S. Dollar Index, which monitors the value of the greenback against a selection of currencies, rose slightly to 99.78. Bitcoin remained relatively stable on the day, hovering around $73,800. Shares of all the Magnificent Seven tech giants experienced a decline, with the exception of Nvidia, which saw a slight increase before the market opened.

The weeklong GPU Technology Conference of the world’s most valuable company commenced on Monday, featuring a keynote address by CEO Jensen Huang. He stated his expectation that revenue from the Blackwell and Vera Rubin AI systems will reach $1 trillion by 2027. Nvidia has unveiled a series of collaborations in the robotaxi sector, highlighted by its expanded partnership with Uber Technologies, which resulted in a 2.5% increase in the ride-hailing giant’s shares during premarket trading.