US stock futures rose early Tuesday after a turbulent session in which equities staged a sharp rebound after plummeting against soaring oil prices.
Dow Jones Industrial Average futures (YM=F) put on 0.2%. Contracts on the S&P 500 (ES=F) and the Nasdaq 100 (NQ=F) also slipped around 0.2%.
A swift decline in oil prices on Monday followed comments from Trump suggested that the war with Iran had largely concluded. Speaking to CBS News, Trump said the war was “very complete, pretty much,” adding that opposing forces had effectively lost their naval and air capabilities. Trump also said that he believes the war is “very far” ahead of the four-to-five week military timeline that was initially suggested.
Oil markets reacted swiftly. West Texas Intermediate (CL=F) crude fell to roughly $88 a barrel at last check after briefly surging above $119 overnight Sunday. Meanwhile, Brent (BZ=F) crude retreated to around $92 per barrel.
Energy ministers from G7 countries are scheduled to hold a virtual meeting Tuesday morning to discuss whether to release the International Energy Agency’s strategic petroleum reserves.
Looking ahead to consumer data, a raft of inflation releases are due this week. February’s reading of the Consumer Price Index is due Wednesday, followed by January’s Personal Consumption Expenditures index on Friday. Neither report will account for the recent spike in oil prices.
On the corporate front, investors have eyes on upcoming earnings. Oracle (ORCL) is scheduled to report Tuesday, while Adobe (ADBE) is due to release results Thursday.
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