Stock futures were lower ahead of Monday’s session as tensions between the U.S. and Iran rose over the weekend after President Trump announced that the U.S. seized an Iranian cargo ship in the Gulf of Oman. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 (SPX) were down 0.59%, 0.67%, and 0.57%, respectively, at 3:40 a.m. EDT on April 20.
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Forget margin or options. Here's how the pros trade QQQThis followed Iran’s refusal to attend peace talks in Pakistan. With a current ceasefire set to expire this week, Trump also issued threats against Iran’s infrastructure if a new deal is not reached.
Meanwhile, oil prices jumped sharply. At the time of writing, Brent crude (CM:BZ) rose 5.65% to $95.49 per barrel, while WTI crude (CM:CL) gained 6.15% to $89.01.
Before these weekend events, Wall Street was celebrating a record-breaking week. The S&P 500 and Nasdaq reached all-time highs, fueled by growth in the technology sector. The Dow rose 3.19% for the week, while the S&P 500 gained 4.54% and the Nasdaq 100 climbed 6.20%.
Despite the geopolitical news, investors are preparing for several major earnings reports this week. Tesla (TSLA) will be in the spotlight, along with UnitedHealth (UNH), Boeing (BA), and Vertiv (VRT). GE Vernova (GEV) and AT&T (T) are also set to report, with American Express (AXP), Intel (INTC), American Airlines (AAL), and Comcast (CMCSA) also due this week.