U.S. stock futures were mixed on Monday morning as oil prices rose amid tensions in the Middle East and uncertainty over the Strait of Hormuz. Futures on the Nasdaq 100 (NDX) rose 0.08%, while futures tied to the S&P 500 (SPX) Index and the Dow Jones Industrial Average (DJIA) were down 0.11% and 0.35%, respectively, at 8:24 a.m. EDT on May 4.
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Forget margin or options. Here's how the pros trade QQQAt the time of writing, Brent crude (CM:BZ) rose 2.48% to around $110.92 per barrel, while WTI crude (CM:CL) rose 1.40% to about $103.41.
Donald Trump said in a Truth Social post on Sunday that the U.S. will launch “Project Freedom.” The plan aims to help free cargo ships from countries not involved in the Middle East conflict but affected by the Strait of Hormuz disruption. The effort is expected to begin Monday. Also, there were conflicting reports about an attack on a U.S. warship by Iran.
Meanwhile, Friday saw the S&P 500 and Nasdaq Composite touching fresh record highs, rising 0.29% and 0.89%, respectively. However, the Dow Jones fell 0.31%.
Turning to trending stocks, eBay (EBAY) shares rose more than 8% in Monday’s pre-market trading after GameStop (GME) made an unsolicited offer to acquire the online marketplace for nearly $56 billion, with the aim of creating a strong rival to Amazon (AMZN). Meanwhile, Norwegian Cruise Line (NCLH) fell over 7% after mixed first-quarter results. The company issued weak guidance amid higher fuel prices.
This week, investors await major key earnings from prominent U.S. companies, including Palantir Technologies (PLTR), which is set to report its first-quarter results today. Other companies scheduled to announce their results this week include Super Micro Computer (SMCI), MicroStrategy (MSTR), Lucid Group (LCID), Advanced Micro Devices (AMD), Uber Technologies (UBER), Joby Aviation (JOBY), and BigBear.ai (BBAI).