US stock market today: Futures edge higher as investors track Iran tensions, earnings week
Chipmakers provided support to equity futures after coming under pressure last week, when semiconductor stocks dragged the broader market lower. Investors are now awaiting quarterly results from major companies including Alphabet, Intel, IBM and Tesla, with markets looking for signs that companies are beginning to generate returns from their heavy investments in artificial intelligence infrastructure.
Oil prices eased after briefly crossing $90 a barrel as traders assessed the latest developments in West Asia. Brent crude futures had jumped as much as 3.8% to above $91 a barrel, while US West Texas Intermediate (WTI) crude rose nearly 3% to cross $84 before retreating to around $81 a barrel.
The move came after another escalation in the US-Iran conflict over the weekend. The US carried out its ninth consecutive day of attacks, while Iran retaliated with strikes on US allies in the region, including Kuwait. The two sides remain far apart on a ceasefire agreement, even as casualties from the conflict continue to rise.
Oil prices later pared gains after Iran said mediators, including Pakistan and Qatar, had reached out to Tehran’s leadership, raising hopes of possible diplomatic efforts.
Wall Street ended last week lower, weighed down by weakness in chip stocks. The S&P 500 declined 1.6%, while the Nasdaq Composite dropped 2.9% and the Dow Jones Industrial Average fell 0.9%. The VanEck Semiconductor ETF (SMH) also recorded its third weekly decline in four weeks, falling nearly 9%.
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