U.S. stock futures inched higher early Monday, starting the holiday-shortened trading week on a positive note. The rise comes even as the U.S.-Iran war has intensified, entering its fifth week. Investors who hoped for a quick fix now worry about its broader impact on the global economy.
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Futures on the Nasdaq 100 (NDX), the S&P 500 Index (SPX), and the Dow Jones Industrial Average (DJIA) were up 0.37%, 0.39%, and 0.32%, respectively, at 5:38 a.m. EST on March 30.
At the time of writing, the global oil benchmark Brent (CM:BZ) was up 0.81% at $111.68 per barrel, while West Texas Intermediate (WTI) crude (CM:CL) rose to $101.84 per barrel.
Markets took another beating last week, marking the fifth straight decline. The Dow shed 0.90%, S&P 500 plunged 2.12%, and Nasdaq100 tumbled 3.20%. Both the Dow and Nasdaq are now in correction territory, with the S&P 500 down about 9% from its January high.
Notably, the U.S. 10-year Treasury yield fell to near 4.39%. Additionally, the Spot Gold price in U.S. dollars hovered around $4,535 per ounce on Monday.
Markets will remain closed for Good Friday on April 3, but the March nonfarm payrolls report is scheduled for release Friday morning. Investors will also keep an eye on labor reports like JOLTS and ADP employment data releasing during the week.
On the earnings front, Nike (NKE), Beyond Meat (BYND), Bit Digital (BTBT), Bitfarms (BITF), Tilray (TLRY), and Conagra Brands (CAG) will report this week.
Elsewhere, European indexes opened higher today despite global disruptions from the Middle East crisis.
Asia-Pacific Markets Trade Lower
Asia-Pacific markets traded mostly lower on March 30 amid escalated tensions between the U.S. and Iran.
Hong Kong’s Hang Seng Index fell 0.81%. In China, the Shanghai Composite rose 0.24%, while the Shenzhen Component dipped 0.04%. Meanwhile, Japan’s Nikkei dropped 2.79% and the Topix plunged 2.94%.