Dow, S&P 500, and Nasdaq futures rise sharply after oil prices fall 6.3% to $83.66 amid reduced US-Iran hostilities.
Wall Street futures pointed to a strong open Monday, with Dow Jones futures up 568 points or 1.1%, S&P 500 futures gaining 0.9%, and Nasdaq futures jumping 1.5%. The rally follows a decline in oil prices, which tumbled 6.3% to $83.66 a barrel as tensions between the US and Iran eased.
Last week ended mixed, with the Dow and S&P 500 posting slight gains but losing ground over five days, while the Nasdaq fell nearly 2%. Oil’s drop extends a 10% decline since last Thursday, driven by Iran’s pledge to refrain from further military action if the US does the same.
Markets now shift focus to a critical week, including the Federal Reserve’s policy decision and earnings from major tech firms like Visa and Coca-Cola. Fed rate hike odds stand at 34% for a quarter-point increase.