Stocks opened higher on Monday as investors eyed U.S. efforts to contain the Israel-Hamas conflict and braced for a busy week in corporate earnings.
Dow Jones Industrial Average futures (^DJI) rose roughly 0.4%, or 120 points, while S&P 500 (^GSPC) futures added 0.2%. But futures for the tech-heavy Nasdaq 100 (^NDX) fluctuated around a flatline.
Earnings will pick up this week, with reports coming Tuesday after upbeat results from Wall Street peers Goldman Sachs ( GS ) and Bank of America ( PAC ). Updates from Tesla ( TSLA ) and Netflix ( NFLX ) to start tech earnings on Wednesday could be scrutinized for clues to the sector’s resilience amid higher long-term interest rates.
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Along with JP Morgan’s results on Friday, CEO Jamie Dimon called it “the most dangerous time the world has seen in decades,” a sentiment that echoed days later.
Investors are focusing on the Middle East crisis — now whether the U.S. and its allies can stop the conflict in other countries, especially Iran. Some analysts believe that an all-out regional conflict could push oil prices above $100 a barrel, risking a global recession.
Crude oil futures (CL=F) and Brent crude futures (BZ=F) traded in a tight range around $88 and $91 a barrel on Monday, after climbing nearly 6% on Friday.
But gold and bond prices fell, attracting safe havens. The 10-year Treasury yield (^TNX) rose to 4.69%, paring some of its losses from last week.
Dow futures rise on Middle East tensions
U.S. stock futures were mixed, with tech stocks lagging as investors awaited signs of an escalation in the Israel-Hamas conflict.
Dow Jones Industrial Average (^DJI) futures were up 0.40% or 135 points, while S&P 500 (^GSPC) futures were up 0.28%. Tech-based Nasdaq 100 (^NDX) contracts hovered around the flatline.
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