U.S. stock futures were steady ahead of Monday’s session as investors weighed rising oil prices against upcoming tech earnings. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 (SPX) Index were down a modest 0.13%, 0.20%, and 0.12%, respectively, at 3:15 a.m. EDT on April 27.
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New trading tool for QQQ bullsThis cautious start comes as oil prices climbed following a stall in Iran peace talks and new tensions near the Strait of Hormuz, a key route for global energy supplies.
At the time of writing, Brent crude (CM:BZ) rose by 2.35% to $107.82 per barrel as tensions rose after Iran boarded two container ships. Meanwhile, WTI crude (CM:CL) gained 2.24% to $96.51.
Beyond geopolitics, Wall Street is heading into a busy week. Five of the “Magnificent Seven” tech giants are set to report earnings, putting the spotlight on whether their results can support current valuations. Investors will be closely watching updates from Amazon (AMZN), Microsoft (MSFT), Alphabet (GOOGL), Meta Platforms (META), and Apple (AAPL).
In addition to earnings, the Federal Reserve will meet this Wednesday to discuss interest rates. This is expected to be Jerome Powell’s last meeting as Chair before Kevin Warsh takes over in May.
Last week, the Dow Jones fell about 0.44%, ending its three-week winning streak, while the S&P 500 and Nasdaq both hit new record highs. The S&P 500 advanced 0.55% for the week, while the Nasdaq-100 jumped 2.37%, driven by a massive rally in semiconductor stocks.