Dow Jones futures jumped more than 600 points and S&P 500 futures gained 0.6% ahead of Monday's open after President Trump said he had called off new strikes on Iran and would begin fresh talks the same day. Oil futures dived nearly 7% in the same session, while chipmakers Micron and Sandisk fell in premarket trading.
Dow Jones Industrial Average futures rallied 1.1%, or more than 600 points, ahead of Monday's opening bell after President Donald Trump said he had called off new strikes on Iran and would begin fresh talks the same day.
S&P 500 futures gained 0.6% in early trading. Nasdaq-100 futures added 0.2% in the same session. The State Street SPDR S&P 500 ETF also rose 0.6% before Monday's opening bell. The Invesco QQQ climbed 0.2% over the same stretch.
Trump Calls Off the Iran Strikes
Late Saturday, Trump wrote in a Truth Social post that Iran and other Middle Eastern countries had asked him to hold off any attack. He said he would cancel the attack, subject to reaching a deal quickly: "to cancel the attack, subject to being able to rapidly make a DEAL". On Sunday, Trump told reporters on Air Force One that new Iran talks would begin Monday.
Oil Slides as Treasury Yields Ease
Crude oil also moved in the same session. West Texas Intermediate crude futures dived nearly 7%, trading around $79 a barrel. The 10-year Treasury yield eased to 4.68%. Bitcoin slipped near $62,700.
Chip Stocks Sell Off in Premarket Trading
Micron Technology stock sold off nearly 4% premarket Monday. The drop threatened to add to Friday's near-6% decline. Sandisk shares declined 3.5% in early trading. SK Hynix shares lost 3% ahead of the market open.
Jobs Report Looms This Week
Friday's July jobs report is expected to show nonfarm payrolls increasing by 87,500, according to FactSet. Private-sector payrolls are expected to add 75,000 jobs, also per FactSet. The unemployment rate is expected to rise to 4.3% from 4.2%.
Source: Investor's Business Daily
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