Wall Street points to modest gains in a rebound from last week as oil prices slip
Wall Street futures pointed to modest gains on Tuesday after last week’s sell-off, with oil prices slipping from elevated levels linked to geopolitical tensions in the Middle East. The S&P 500 futures rose 0.4%, Dow futures climbed under 0.2%, and Nasdaq futures jumped 0.8%, while Brent crude fell $1.42 to $92.83 per barrel, though U.S. benchmark crude remained near $89.62, up since U.S.-Israel strikes on Iran in late February." "article": "Wall Street futures signaled modest gains on Tuesday, rebounding from last week’s declines as oil prices retreated. The S&P 500 futures added 0.4%, Dow Jones futures inched up less than 0.2%, and Nasdaq futures jumped 0.8%. Oil prices fell after rising due to Middle East tensions: Brent crude dropped $1.42 to $92.83 per barrel, while U.S. benchmark crude shed $1.68 to $89.62, remaining elevated since U.S.-Israel attacks on Iran in late February. The conflict has disrupted shipping through the Strait of Hormuz, a critical oil transit route, pushing fuel costs higher. U.S. airlines spent over $6 billion on jet fuel in April, up 78% from a year earlier, with Delta, American, and United airlines gaining 1–2% overnight. The airline industry’s trade group warned soaring energy costs could nearly halve profits by 2026, despite fare hikes and schedule cuts. Elevated oil prices have also driven inflation higher, increasing household bills and bond yields. The 10-year Treasury yield held near 4.55%, up from 4.01% before the war, raising concerns about economic slowdowns. With inflation well above the Federal Reserve’s 2% target and a stable job market, analysts expect no rate cuts soon—some even predict a hike this year. The Fed’s next decision is due next week. Stocks like J.M. Smucker rose 3% after beating earnings forecasts, while U.S. home sales data arrives later Tuesday amid a housing slump caused by high mortgage rates. In Europe, Germany’s DAX gained 0.5%, France’s CAC 40 rose 0.9%, and Britain’s FTSE 100 fell 0.3%. In Asia, South Korea’s Kospi surged 8.2%, recovering Monday’s 8.3% loss, with SK Hynix and Samsung Electronics leading gains. Taiwan’s Taiex advanced 2.8% on tech strength, while Hong Kong’s Hang Seng lost 0.4% and Shanghai’s Composite rose 1.3%. Australia’s S&P/ASX 200 dropped 0.2%.
Wall Street futures signaled modest gains on Tuesday, rebounding from last week’s declines as oil prices retreated. The S&P 500 futures added 0.4%, Dow Jones futures inched up less than 0.2%, and Nasdaq futures jumped 0.8%. Oil prices fell after rising due to Middle East tensions: Brent crude dropped $1.42 to $92.83 per barrel, while U.S. benchmark crude shed $1.68 to $89.62, remaining elevated since U.S.-Israel attacks on Iran in late February. The conflict has disrupted shipping through the Strait of Hormuz, a critical oil transit route, pushing fuel costs higher. U.S. airlines spent over $6 billion on jet fuel in April, up 78% from a year earlier, with Delta, American, and United airlines gaining 1–2% overnight. The airline industry’s trade group warned soaring energy costs could nearly halve profits by 2026, despite fare hikes and schedule cuts. Elevated oil prices have also driven inflation higher, increasing household bills and bond yields. The 10-year Treasury yield held near 4.55%, up from 4.01% before the war, raising concerns about economic slowdowns. With inflation well above the Federal Reserve’s 2% target and a stable job market, analysts expect no rate cuts soon—some even predict a hike this year. The Fed’s next decision is due next week. Stocks like J.M. Smucker rose 3% after beating earnings forecasts, while U.S. home sales data arrives later Tuesday amid a housing slump caused by high mortgage rates. In Europe, Germany’s DAX gained 0.5%, France’s CAC 40 rose 0.9%, and Britain’s FTSE 100 fell 0.3%. In Asia, South Korea’s Kospi surged 8.2%, recovering Monday’s 8.3% loss, with SK Hynix and Samsung Electronics leading gains. Taiwan’s Taiex advanced 2.8% on tech strength, while Hong Kong’s Hang Seng lost 0.4% and Shanghai’s Composite rose 1.3%. Australia’s S&P/ASX 200 dropped 0.2%.
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