Futures for stocks indicated a downward trend following the S&P 500 and Nasdaq’s conclusion of the previous week at new highs, while oil futures experienced a significant increase amid escalating tensions between the United States and Iran. In recent trading, futures for the Dow Jones Industrial Average, Nasdaq 100, and S&P 500 experienced declines of 0.6%, 0.5%, and 0.5%, respectively. Major stock indexes concluded the week on a positive note for the third consecutive time on Friday, buoyed by a significant drop in oil prices following remarks from Iran’s foreign minister, who stated that the crucial Strait of Hormuz shipping channel was “completely open” during the Israel-Lebanon ceasefire.
The benchmark S&P 500 and the tech-heavy Nasdaq achieved new intraday and closing records for the third consecutive day, with the latter concluding higher for a 13th straight session, marking its longest winning streak since 1992. Over the weekend, Iran announced the closure of the Strait of Hormuz once more and engaged in firing upon commercial vessels, prompting a U.S. response that involved the seizure of an Iranian ship in the Gulf of Oman. President Donald Trump stated on Truth Social that his representatives were en route to Pakistan to negotiate a deal with Iran, warning that failure to reach an agreement would result in the U.S. attacking the nation’s infrastructure.
West Texas Intermediate futures, the U.S. crude oil benchmark, experienced a notable increase of approximately 6%, reaching around $89 per barrel in recent trading. Meanwhile, Brent crude futures, recognized as the global benchmark, rose by nearly 5.5%, settling at $95.25. The U.S. dollar index, which measures the value of the greenback relative to a selection of foreign currencies, increased by 0.2% to 98.25. The 10-year Treasury yield, a key determinant of interest rates on mortgages and various consumer loans, increased to 4.27% from the previous closing level of 4.25% on Friday. Bitcoin exhibited minimal fluctuation, hovering near $75,100 following a significant week for both the cryptocurrency and associated equities. Gold futures experienced a decline of 1.5%, settling at approximately $4,800 per ounce.
Shares of all the Magnificent Seven tech giants indicated a downward trend before the market opened, with the exception of Apple. All indices closed higher on Friday, with Tesla leading the charge with a 3% increase. The company is set to report its quarterly results on Wednesday, marking the beginning of a busy week for earnings announcements. Elsewhere, shares of insulation products company TopBuild soared 18% in premarket trading after it agreed to be acquired by building products distributor QXO for about $17 billion, while those of AST SpaceMobile, which is developing a cellular broadband network in space, sank 15% following Jeff Bezos’ Blue Origin deploying a satellite to the wrong location.