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US stock futures steady amid hopes for a Mideast end to hostilities

Rebecca French

Oil prices pared gains on Monday and U.S. stock index futures stabilized on cautious hopes of an easing of hostilities in the Middle East, with the market’s main catalyst remaining focused on the U.S.-Iran war.

Contracts for the S&P 500 Index (ES=F) were trading flat, while those for the tech-heavy Nasdaq 100 Index (NQ=F) were up 0.2%. The Dow Jones Industrial Average (YM=F) was also little changed.

Wall Street pared deeper losses overnight after President Trump renewed his threats against Iran, saying attacks would begin on Tuesday. Destruction in the Gulf over the weekend also heightened geopolitical tensions.

But reports of diplomatic action have reignited optimism about a ceasefire and an end to the blockade of the Strait of Hormuz, which is vital to global shipping. According to Reuters, Iran and the United States have received a framework plan from Pakistan to end the attacks. Meanwhile, Axios reports that both sides and international mediators are doing their best to secure a 45-day cessation of hostilities as a potential basis for a permanent cessation of hostilities.

Fueled by such hopes, oil prices rose nearly 3% as futures opened late Sunday night, as oil prices lost momentum. Brent crude futures (BZ=F) edged higher above $109 a barrel, topping $111, while West Texas Intermediate crude futures (CL=F) fell to around $110 a barrel after earlier trading above $115.

Investors will have their first real chance to focus on the March jobs report on Monday, after Friday’s surprise report showed that the U.S. economy created 178,000 jobs and the unemployment rate fell to 4.3%.

Last week, U.S. markets were closed for Good Friday. Markets in many countries around the world, including the UK, Germany, France and Australia, will be closed on Easter Monday.

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In the week ahead, investors will also focus on key U.S. inflation data on Friday and Delta Air Lines earnings results expected on Wednesday.

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    From his Sunday night notes:

  • Markets are doing the job for the Fed

    Going into 2026, investors are expecting a rate cut or two from the Federal Reserve.

    As the second quarter begins, those hopes have been dashed.

    As Yahoo Finance’s Jennifer Schonberger reported this weekend:

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  • Inflation data, Delta earnings: What to know this week

    After a four-day trading week that ends the first quarter and the market shakes off the volatility caused by last year’s “Liberation Day” surprise, the coming week will bring investors key inflation data and the start of the first-quarter earnings season.

    Key economic data this week will be released on Friday, including the March Consumer Price Index (CPI) report. The report will be the first major economic data to reflect the impact of the U.S.-Iran war, which has sent oil prices soaring.

    Economists expect headline inflation, which includes energy costs, to rise 1% last month, up from 0.3% in February.

    Delta’s earnings will also have some impact on an industry that faces the negative effects of war on many fronts – energy costs, consumer confidence and a potential downturn in international travel. Those results are expected to be released before the market opens on Wednesday morning.

  • Trump threatens Tuesday to be Iran’s ‘Power Plant Day and Bridge Day’

    In an expletive-filled post on Truth Social at around 8 a.m. ET on Sunday, President Trump reiterated his threat that he would begin massive bombings of Iran’s domestic power infrastructure and bridges across the country as Iran nears the deadline for its 10-day window to reopen the Strait of Hormuz.

    “Tuesday will be Power Plant Day and Bridge Day, all in Iran,” the president wrote. “There’s nothing like it!!! Open the F***** Straits, you crazy bastards, or you’ll be living in hell – look! Praise be to Allah.”

    Hours later, President Trump posted on Truth Social, “Tuesday at 8:00 PM ET!” — which appeared to be Iran’s deadline for reopening the strait.

    “If they don’t make a deal soon, I’m thinking about blowing everything up and taking over the oil,” Fox News reported shortly after the president’s first Truth Society post that Trump told reporter Trey Yingst.

    On Thursday, the U.S. military cut off a major bridge in Iran – one of the country’s flagship infrastructure projects – connecting Tehran to the industrial hub of Karaj.

    Fox News also reported on Sunday that Trump said he believed he could reach a deal with Iran before the president’s deadline expires on Monday and Tuesday.

  • Mideast attacks continue as Oman and Iran negotiate rights to access Strait of Hormuz; OPEC agrees to boost May output

    Iran’s attacks on key energy infrastructure continued over the weekend, including attacks on the BAPCO refinery in Bahrain and the headquarters of Kuwait’s state-owned Kuwait Petroleum Company.

    Kuwait also reported attacks on several power plants and desalination plants in the country.

    According to reports, an account close to Iranian parliament speaker Mohammad Bagher Ghalibaf posted on X on Saturday that if Iran “does not receive credible signals by tomorrow that Trump is reconsidering attacking Iranian infrastructure, it will preemptively and irreversibly target the Saudi and Israeli regimes’ power and oil production infrastructure on a large scale.”

    “Iran has so far refrained from pursuing this option to avoid falling into ‘irreversible infrastructure war’ and ‘Ukrainization of the region,’ but the time for such restrictions will end in the next 24 hours,” the account wrote.

    Meanwhile, oil market watchers digested signs that oil flows in the Strait of Hormuz, the world’s most critical oil chokepoint, may be partially restored.

    Early Sunday morning, Oman’s foreign ministry announced that its leaders met with Iran’s foreign ministry on Saturday to discuss “possible options for ensuring smooth transit through the Strait of Hormuz given the current circumstances in the region.”

    Also on Saturday, Iran’s military leadership said Iraqi ships would be allowed to pass through the Strait of Hormuz, which could bring about 3 million barrels per day of oil back to the market.

    “The Strait of Hormuz will be opened when the losses caused by the war are compensated by revenue from transit fees,” Iran’s semi-official state-run Meir news agency quoted the Iranian president’s office as saying.

    On Sunday, the Organization of the Petroleum Exporting Countries (OPEC+) agreed to increase its monthly production quota by 206,000 barrels per day in May, the same as the output quotas agreed by its members in April.

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