US stock futures showed mixed movements overnight Sunday, as investors sought stability following a challenging week for equity markets. Attention remains focused on the escalating oil prices stemming from the ongoing conflict between the US and Iran.
Futures associated with the Dow Jones Industrial Average, S&P 500, and Nasdaq 100 all hovered near unchanged levels. This cautious approach comes after the S&P 500 logged its third consecutive weekly decline, closing at its lowest point of the year and the lowest since November.
Oil prices have continued their upward trend as tensions related to the US-Israeli conflict with Iran disrupt traffic through the strategically vital Strait of Hormuz. Both major crude benchmarks surpassed $100 a barrel for the first time since 2022. Recent US military actions targeting Kharg Island, a key export hub for Iran, have heightened supply concerns, leading to fears of future retaliation against US energy operations in the region.
In early trading on Monday, West Texas Intermediate crude saw an increase of approximately 2%, reaching about $100.90 per barrel, while Brent crude rose around 2.6%, settling above $105.
Investors are also keeping an eye on key domestic corporate and policy events slated for this week. Nvidia’s annual GTC conference is set to commence Monday, highlighted by a keynote address from CEO Jensen Huang. Meanwhile, the Federal Reserve will conduct its second policy meeting of the year, where expectations are that the central bank will maintain current interest rate levels.
As market watchers brace for these developments, the potential impacts of geopolitical tensions and economic policy remain at the forefront of investor sentiment.
