Stock market today: Dow, S&P 500 and Nasdaq futures rise as Trump calls off Iran attack, oil prices ease
Key Takeaways
- •US stock futures rose across all three major indexes, with Dow futures gaining 1% while S&P 500 and Nasdaq-100 futures advanced 0.6% and 0.3% respectively.
- •President Trump halted a planned military strike against Iran to negotiate a deal to reopen the Strait of Hormuz, through which approximately one-fifth of global daily oil consumption passes.
- •Oil prices fell and Treasury prices rose following the diplomatic shift in US-Iran relations.
- •SpaceX is set to deliver its first quarterly earnings report as a public company, with its stock trading near an all-time low.
- •Friday's July jobs report is the week's most anticipated release, as investors look for clues about the Federal Reserve's next move on interest rates.
US stock futures advanced as August began, setting the stage for a busy week of earnings and a fresh read on the labor market.
Futures on the Nasdaq-100 (NQ=F) rose about 0.3%, while S&P 500 (ES=F) futures gained 0.6%. Contracts tied to the Dow Jones Industrial Average (YM=F) increased 1% after a volatile July ended on a strong note last week.
Market sentiment improved over the weekend as the war between the US and Iran turned toward diplomacy. Oil prices fell and Treasurys rose after President Trump said he had called off an attack against Iran in order to negotiate a deal to open the Strait of Hormuz on Monday. The strait is one of the world's most critical energy chokepoints, through which roughly a fifth of global daily oil consumption transits.
"Get to work, everybody, and get it DONE," Trump posted on Truth Social about a potential deal.
The earnings calendar is also filling up with major corporate reports. Palantir Technologies (PLTR) reports Monday, and markets are preparing for SpaceX's (SPCX) first quarterly report since becoming a public company, as the stock remains near an all-time low.
Investors will also get new readings on the manufacturing sector with the release of S&P Global's Purchasing Managers' Index and ISM's Manufacturing Index on Monday. The most closely watched report of the week, however, is Friday's jobs report, which is expected to show further employment gains in July. The labor market data takes on added significance as investors look for signals about the Federal Reserve's next move on interest rates.