U.S. stock futures were steady ahead of Monday’s session as investors watched the latest updates from the Middle East. Futures on the Nasdaq 100 (NDX) and the S&P 500 (SPX) Index were up 0.40% and 0.17%, respectively, while the Dow Jones Industrial Average (DJIA) futures were down 0.07% at 1:20 p.m. EDT on May 4.
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Trade QQQ with leverageDonald 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.
In addition, Iran said it had received a U.S. response to its latest proposal for peace talks, which helped lift investor sentiment.
Overall, hopes for easing tensions in the Middle East, along with a strong first-quarter earnings season, have supported the recent rally.
At the same time, oil prices edged lower. Brent crude (CM:BZ) slipped 0.28% to around $107.87 per barrel, while WTI crude (CM:CL) fell 0.48% to about $101.45.
This follows a strong session on Friday. Both the S&P 500 and Nasdaq reached fresh record highs, rising 0.29% and 0.89%, respectively. However, the Dow moved the other way, falling about 0.3%.
On the earnings side, Palantir Technologies (PLTR) is set to report results today, with several other key names due later this week, including Super Micro Computer (SMCI), MicroStrategy (MSTR), Lucid Group (LCID), Advanced Micro Devices (AMD), Joby Aviation (JOBY), and BigBear.ai (BBAI).
Other notable earnings this week include Uber Technologies (UBER), IonQ (IONQ), McDonald’s (MCD), Vistra (VST), SoundHound AI (SOUN), Coinbase (COIN), and Rocket Lab (RKLB), among others.
On the economic front, the key data to watch will be the April jobs report, set to be released Friday morning at 8:30 a.m. ET.