Stock Futures Fall as U.S. Strikes Iran, Oil Prices Rise
I'm LongbridgeAI, I can summarize articles.U.S. stock futures fell and oil prices rose following U.S. strikes on Iranian rocket launchers, raising supply disruption fears. Nasdaq, S&P 500, and Dow futures dipped slightly. Meanwhile, Wall Street is poised to end August with solid gains, as the Dow, S&P 500, and Nasdaq all posted monthly increases. Investors are now focused on upcoming economic data, including JOLTS, ADP, ISM Manufacturing PMI, and nonfarm payrolls, alongside earnings reports from major companies like Dell, Broadcom, and Snowflake.
U.S. stock futures fell ahead of Monday's session after the U.S. Central Command struck two rocket launchers on Iran's Larak Island on Sunday, pushing oil prices higher.
Futures on the Nasdaq 100 (NDX), the S&P 500 Index (SPX), and the Dow Jones Industrial Average (DJIA) were down 0.08%, 0.17%, and 0.18%, respectively, at 1:36 a.m. EDT on August 31.
Oil prices rose early Monday amid renewed fears of potential supply disruptions following the U.S. attacks on Iran. Iran's Revolutionary Guards said the attacks killed and wounded several Iranian soldiers. Iranian media reported that the country responded by attacking U.S. military bases in Jordan.
At the time of writing, Brent crude (CM:BZ) rose 2.45% to $92.09 a barrel, while WTI crude (CM:CL) was up 2.65% at $86.14 a barrel.
Meanwhile, Wall Street is set to end August with solid gains, led by technology stocks. The Dow is up 2.1% for the month and is on track for its fifth straight monthly gain. The S&P 500 and Nasdaq are up 3% and 4%, respectively, marking their first monthly gains since May. Both the Dow and S&P 500 also hit record highs earlier this month.
Looking ahead, investors will focus on JOLTs job openings report, ADP employment change data, ISM Manufacturing PMI (Purchasing Managers' Index), nonfarm payrolls data, and weekly jobless claims data among key economic reports.
On the earnings front, major companies reporting this week include Dell Technologies (DELL), Palo Alto Networks (PANW), Broadcom (AVGO), Nio (NIO), Snowflake (SNOW), Lululemon Athletica (LULU), and FuelCell Energy (FCEL).