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US stock futures rise as oil eases, Middle East tensions persist
Futures tied to the S&P 500 were up 0.5%, Nasdaq-100 futures gained 1.0%, and Dow futures rose 0.4% as diplomatic efforts with Iran helped reduce oil supply fears.
US stock futures turned higher on 20 July as crude oil prices retreated from earlier highs, with renewed signs of diplomatic efforts between the US and Iran easing some supply concerns, LiveMint Markets reported. Still, geopolitical tensions in the Middle East remained elevated, keeping pressure on global markets.
Futures linked to major US benchmarks were mixed but mostly up, with S&P 500 futures up 0.5% and Nasdaq-100 futures rising 1.0%. Dow Jones Industrial Average futures climbed 203 points, or 0.4%, as investors weighed the macro impact of oil and regional risk.
The report cited Iran's Foreign Ministry saying it had received proposals from international mediators aimed at reducing hostilities and that talks with the United States could continue if they align with Iran's national interests. It also noted the US extended attacks on Iran, while Iran was reported to have fired missiles toward Jordan, raising concerns that the conflict could broaden.
Separately, markets were already grappling with weakness in technology, after last week ended in negative territory for all three major US indices. LiveMint Markets said chip stocks stayed under pressure amid Middle East tensions and stretched valuations, with the Philadelphia Semiconductor Index, SOX, down 2% on Friday, extending its decline.
Latest closeWTI crude $79.00 ▼0.8%|S&P 500 7,533.77 ▼0.5%|Nasdaq Comp. 25,881.95 ▼1.5%