Stock futures were mixed on Monday morning as traders closely monitored developments related to the U.S.-Iran war, especially the possibility of a ceasefire. Futures on the Nasdaq 100 (NDX) and the S&P 500 Index (SPX) were up 0.44% and 0.13%, respectively, while futures tied to the Dow Jones Industrial Average (DJIA) were down 0.04% at 8:35 a.m. EST on April 6.
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Forget margin or options. Here's how the pros trade QQQReuters reported that Iran and the U.S. have received a plan to end the war, which, if agreed, would lead to an immediate ceasefire and the reopening of the Strait of Hormuz. Axios first reported on Sunday that the U.S., Iran, and a group of regional mediators were in talks about a potential 45-day ceasefire, though the possibility of a partial deal before Trump’s Tuesday deadline to reopen the Strait of Hormuz is slim.
Oil prices traded lower at the time of writing. The international oil benchmark Brent (CM:BZ) was down 0.59% at $108.39 per barrel, while West Texas Intermediate (WTI) crude (CM:CL) fell 1.11% to $110.26 per barrel.
Wall Street capped the holiday-shortened trading week on a positive note. The S&P 500 surged nearly 6%, its best weekly gain since late November, snapping a five-week losing streak. The Dow Jones rose about 3%, while the Nasdaq Composite climbed 4.4%, both breaking recent downtrends amid hopes of de-escalation.
Turning to trending stocks, shares of streaming giant Netflix (NFLX) rose 2% in Monday’s pre-market trading after Goldman Sachs upgraded it to Buy from Hold. The investment bank continues to view NFLX as the leader in content acquisition and development. Meanwhile, Soleno Therapeutics (SLNO) stock rallied more than 32% on news of acquisition by Neurocrine Biosciences (NBIX) in a deal valued at $2.9 billion.