U.S. Stock Index Futures Fall as Oil Prices Rise Ahead of Key Week for Wall Street After S&P 500 and Nasdaq Record Highs
- Stock-index futures dropped on Sunday as oil prices rose, ahead of a key week for Wall Street following record highs for the S&P 500 and the tech-heavy Nasdaq.
- Dow Jones Industrial Average futures (YM00) were recently down about 145 points, or 0.3%.
- While Saturday night's shooting incident at the White House Correspondents' Dinner rattled nerves, it appeared likely to fade to the background once the trading week begins.
U.S. Stock-index futures dropped on Sunday as oil prices rose, ahead of a key week for Wall Street following record highs for the S&P 500 and the tech-heavy Nasdaq.
Dow Jones Industrial Average futures (YM00) were recently down about 145 points, or 0.3%. S&P 500 futures (ES00) and Nasdaq-100 futures (NQ00) also fell. West Texas Intermediate crude futures (CL.1) rose 2%, above $96 a barrel, after plans for new talks between the U.S. And Iran collapsed Saturday.
While Saturday night’s shooting incident at the White House Correspondents’ Dinner rattled nerves, it appeared likely to fade to the background once the trading week begins. Perhaps boosted by the volatility, bitcoin (BTCUSD) rose over the weekend, and was recently trading above $78,000.
The coming week will see earnings reports from five of the so-called “Magnificent Seven” megacap tech companies. Alphabet (GOOG) (GOOGL), Microsoft (MSFT), Amazon (AMZN) and Meta (META) will report Wednesday, while Apple (AAPL) – which last week announced its CEO transition plans – will report Thursday.
Those earnings may decide whether April’s rally by tech stocks has been justified, or if investors’ fears of overspending on AI infrastructure will return to the forefront.
On Friday, the S&P 500 SPX and Nasdaq COMP closed at records highs, with both indexes notching their fourth straight weekly gains, while the Dow DJIA slipped and ended the week lower, snapping a three-week winning streak.
Wall Street will also be keeping an eye on what is likely to be Jerome Powell’s last press conference as Fed chair. The Fed’s interest-rate-setting committee will meet Tuesday and Wednesday, with Powell speaking after its conclusion. The Fed is widely expected to keep rates steady, but investors will be eager for any hints of future monetary policy.