U.S. stock futures remained relatively stable on Sunday amidst ongoing market uncertainty, including Iran’s attack on Israel and increased market volatility that led to the Dow Jones Industrial Average’s worst week of the year. Futures for the Dow Jones were up by 0.13%, while S&P 500 futures rose by 0.14% and Nasdaq-100 futures increased by 0.06%. The price of gold futures continued to rise, reaching over $2,384 an ounce, due to concerns over inflation and geopolitical tensions.
Last week, the Dow lost 476 points and the S&P 500 experienced its worst day since January, leading to a 2.4% decline in the Dow and a 1.5% drop in the S&P 500. The Nasdaq Composite Index also saw its third consecutive negative week. Iran’s missile and drone strike on Israel over the weekend added to market concerns, with oil prices slightly decreasing after rising in recent weeks due to tensions in the Middle East. Despite the attack, the risk to oil and markets may be perceived as lower than previously feared.
Investors are closely monitoring the aftermath of Iran’s attack on Israel and how Prime Minister Benjamin Netanyahu will respond, with the Biden administration advising against retaliation. Goldman Sachs and M&T Bank are among the companies set to release their earnings reports on Monday. Economic data on retail sales, business inventories, and manufacturing numbers for March are also expected. Treasury yields, which had been on the rise last week, saw a slight decrease on Friday as investors sought safety in Treasuries amid geopolitical tensions.
JPMorgan Chase surpassed profit expectations in its first-quarter report, but concerns over future lending prospects and global economic uncertainties led to a 6% drop in the company’s shares. CEO Jamie Dimon highlighted persistent inflationary pressures and a turbulent global landscape as key concerns. Moving forward, investors will continue to monitor market developments, earnings reports, economic data releases, and geopolitical events for potential impacts on market stability and investor sentiment.
