S&P futures exhibited a mixed performance on Monday following the major indexes’ interruption of a five-week losing streak, while oil prices experienced a decline as investors contemplated the recent developments in the Iran conflict. In recent trading, futures for the Nasdaq 100 and S&P 500 experienced increases of 0.3% and 0.1%, respectively, whereas futures for the Dow Jones Industrial Average saw a decline of 0.2%. The tech-heavy Nasdaq, benchmark S&P 500, and blue-chip Dow Jones Industrial Average halted their five-week declines last week, posting respective gains of 4.4%, 3.4%, and 3.0%. The closure of stock markets on Good Friday coincided with the Bureau of Labor Statistics unveiling a March jobs report that surpassed expectations.
On Sunday, President Donald Trump expressed in a vehement post on his Truth Social network that Iran would face severe consequences if it did not reopen the crucial Strait of Hormuz shipping channel by Tuesday. Subsequently, Reuters indicated that the nations “received the framework of a plan,” facilitated by Pakistan, aimed at halting the five-week conflict. Furthermore, Source noted, referencing officials acquainted with the situation, that “the U.S. and regional mediators are advocating for a potential 45-day cease-fire that could pave the way for a lasting resolution to the war.”
Oil prices, having surged since the onset of hostilities in the Middle East just over a month ago, experienced a modest retreat in recent trading sessions. West Texas Intermediate crude futures, the U.S. oil benchmark, experienced a decline of 1% to $110.25 per barrel, whereas Brent crude futures, the global benchmark, saw a decrease of 0.7% to $108.25. Cryptocurrency-tied stocks Global, MARA Holdings, Strategy, and Robinhood Markets all advanced at least 3% as the price of bitcoin jumped to around $69,800 from overnight lows of about $67,300. Shares of the Magnificent Seven tech giants indicated a modest upward trend prior to the market opening, following a mixed performance on Thursday.
Tesla stock, which was the worst performer in the S&P 500 and Nasdaq in the last session after it reported worse-than-expected quarterly deliveries, was up 1.5%. The yield on the 10-year Treasury note, a key determinant of interest rates across various consumer loans, increased to 4.35% from 4.32% at the early close on Friday. Gold futures increased by almost 1% to $4,720 per ounce. The U.S. Dollar Index, which monitors the value of the greenback relative to a selection of currencies, decreased by 0.1% to 99.89.