Stock futures hovered around the flatline on Monday morning amid stalled talks between the U.S. and Iran. Oil prices trended higher as persistent tensions in the Strait of Hormuz continued to disrupt supply. Futures on the Nasdaq 100 (NDX) were up 0.05%, while futures tied to the S&P 500 (SPX) Index and Dow Jones Industrial Average (DJIA) were down 0.01% and 0.07%, respectively, at 8:30 a.m. EDT on April 27.
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Trade QQQ with leverageAt the time of writing, Brent crude (CM:BZ) was up 1.01% to $106.34 per barrel as tensions rose after Iran boarded two container ships. Meanwhile, WTI crude (CM:CL) gained 0.76% to $95.13.
President Donald Trump canceled plans to send a U.S. special envoy to hold talks on a ceasefire in Iran, saying negotiations could instead take place over the phone. Also, Iran’s Foreign Ministry spokesman Esmaeil Baqaei said no meeting is currently planned between the two countries.
Last week, the Dow Jones fell about 0.44%, ending its three-week winning streak. The S&P 500 gained about 0.6% for the week, while the Nasdaq Composite jumped 1.5%, driven by a massive rally in semiconductor stocks.
All eyes will be on the earnings of tech giants this week, with five of the “Magnificent Seven” – Amazon (AMZN), Microsoft (MSFT), Alphabet (GOOGL), Meta Platforms (META), and Apple (AAPL) – set to announce their quarterly results. Also, other prominent names such as Coca-Cola (KO), Starbucks (SBUX), Robinhood (HOOD), SanDisk (SNDK), Qualcomm (QCOM), Ford (F), and Rivian (RIVN) are reporting their results this week.
Turning to trending stocks, Qualcomm shares popped 12% in Monday’s pre-market trading after TF International Securities analyst Ming-Chi Kuo said in a post on X that OpenAI is working with the chipmaker to develop smartphone processors. Also, Organon (OGN) stock surged about 17% on news of the healthcare company’s acquisition by Sun Pharmaceutical (IN:SUNPHARMA).
Meanwhile, Domino’s Pizza (DPZ) stock declined 4% after the pizza chain’s U.S. sales guidance fell short of expectations.