Nasdaq futures pointed to a higher open Monday to begin a holiday-shortened week, as major indexes look to rebound from five consecutive weeks of declines. S&P 500, Dow Jones Industrial Average, and Nasdaq 100 futures were up 0.5%, 0.5%, and 0.4%, respectively, in recent trading. The stock markets will observe a closure, while bond markets will cease operations at noon in observance of Good Friday; nonetheless, the U.S. jobs report for March is scheduled for release.
The Nasdaq Composite, Dow Jones Industrial Average, and S&P 500 experienced a decline on Friday, with the Dow losing nearly 800 points, thereby entering a correction phase, defined as a 10% drop from its most recent peak. Amazon led the decliners with a decrease of 4%. The tech-heavy Nasdaq concluded the previous day in a state of correction, influenced by surging oil prices following the U.S. and Israel’s military actions against Iran on February 28. However, on Monday, equities were indicating an upward trend despite the increase in oil prices. West Texas Intermediate crude futures, the U.S. oil benchmark, advanced 1.8% to $101.50 a barrel, while the most heavily traded contract of Brent crude futures, the global benchmark, rose 2.3% to $107.75.
The yield on the 10-year Treasury note, a key determinant of interest rates across various consumer loans, experienced an upward trend on Friday, ultimately settling at approximately 4.40% after concluding the day near 4.44%, marking its highest closing level since last July. Gold futures rose about 1% to $4,525 an ounce but remain well off their peak of above $5,625 an ounce set on Jan. 29. The U.S. Dollar Index, which monitors the value of the greenback relative to a selection of currencies, increased by 0.1% to 100.27.
Bitcoin experienced an increase, climbing to $67,500 from its overnight low of just under $65,000. In premarket trading, shares of the Magnificent Seven tech giants exhibited an upward trajectory following a decline on Friday. Meta Platforms led advances at around 1%. Elsewhere, Alcoa shares surged 8% after Iran attacked facilities of rival Aluminium Bahrain, or Alba, while Eli Lilly stock ticked higher before the bell after it announced a deal to bring to market AI-developed drugs from Insilico Medicine.