U.S. stock index futures rose on Monday morning as Wall Street entered the Easter-shortened trading week as investors awaited new economic data amid lingering consumer uncertainty.
Contracts related to the Dow Jones Industrial Average (YM=F) edged up 0.3%, while S&P 500 (ES=F) and Nasdaq 100 futures (NQ=F) also gained 0.3%.
Oil prices climbed on Monday, with Brent crude (BZ=F) rising 3% to $108 a barrel. West Texas Intermediate crude oil (CL=F) followed suit, rising nearly 2% and trading just above the $100 mark.
In an exclusive interview with the Financial Times, President Trump said he would “prefer to seize oil” and compared the move to Venezuela, where the United States intends to control Iran's oil industry “indefinitely.”
Trump told reporters aboard Air Force One on Sunday that Iran had “given” most of the 15 U.S. demands to Tehran to end the war.
The stock market ended poorly on Friday, with all three major stock indexes falling sharply. The Dow Jones Industrial Average (^DJI) plunged nearly 800 points and the S&P 500 Index (^GSPC) fell to its lowest level in months, marking a fifth straight weekly loss.
The latest downturn has pushed the Dow into correction territory, joining the Nasdaq as market sentiment sours. The U.S.-Israeli war with Iran is now entering its second month, with continued instability denting hopes for a quick resolution. Investors are watching to see whether Trump could repeat the mistakes of TACO, which was characterized by making conflicting statements and only being influenced by market movements.
The “Big Seven” companies, once artificial intelligence-focused stock darlings, have wiped $850 billion off the stock market over the past week, led by Meta (META) and Google (GOOG) losing a landmark lawsuit over the companies' liability in curbing social media addiction.
Attention this week is focused on the results of a number of labor market indicators, including the Job Openings and Labor Turnover Survey (JOLTS) and the ADP Private Employment Report. While markets will be closed on Friday for the Good Friday holiday, the March jobs report will also be released, growing in importance as investors seek balance after a sharp swing in January-February employment data.
On the corporate side, Nike's (NKE) earnings are likely to provide insights into consumer trends, while United States Rare Earths (USAR) and Trilogy Metals (TMQ) will provide a health check for the mining sector.
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