U.S. stock futures rose on Monday morning, recovering from last week’s slump, as WTI crude fell below $100. Investors continue to closely monitor developments related to the U.S.-Iran war and oil prices amid supply disruptions in the Strait of Hormuz. Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were up 1.09%, 0.93%, and 0.74%, respectively, at 8:26 a.m. EST on March 16.
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Last week, the S&P 500, the Dow Jones, and the Nasdaq Composite declined 1.6%, 2%, and 1.3%, respectively. Oil prices surged last week as Iran continued to disrupt shipping through the Strait of Hormuz.
However, oil prices were down this morning. At the time of writing, the price of the international oil benchmark Brent (CM:BZ) fell 0.39% to $102.66 a barrel. The West Texas Intermediate (WTI) crude (CM:CL) was down 2.34% to $96.40 per barrel. Tensions in the Middle East remain high. President Trump warned that the U.S. could strike Iran’s oil facilities if it keeps blocking the Strait of Hormuz. The Wall Street Journal reported that the U.S. will soon announce the countries that will escort ships through the Strait.
Meanwhile, investors will focus on Nvidia’s (NVDA) annual GTC conference, which starts today.
Turning to trending stocks, shares of AI infrastructure company Nebius (NBIS) rallied 14% in Monday’s pre-market trading after announcing a deal to provide $12 billion of capacity to Meta Platforms (META). This deal follows last week’s announcement of a collaboration with chip giant Nvidia. Meanwhile, National Storage Affiliates (NSA) stock jumped 29% on news of a $10.5 billion acquisition by Public Storage (PSA). PSA stock was down more than 2% at the time of writing.
Ahead of Q2 earnings this week, shares of Micron Technology (MU) were up 4% on the memory chip company’s plans to build a second manufacturing site in Taiwan. In contrast, Dollar Tree (DLTR) stock fell 6% after the discount retailer announced mixed fourth-quarter results. The company surpassed the Street’s earnings expectations but fell short of revenue estimates.