S&P 500 futures ticked higher on Monday following a winning week as oil prices fell slightly, with traders weighing the odds that the U.S.-Iran war could end soon. Futures tied to the broad market index ticked up 0.1%, while Nasdaq-100 futures gained 0.4%. Dow Jones Industrial Average futures lost 40 points, or 0.1%. Axios reported that the U.S., Iran, and a group of regional mediators were discussing terms for a potential 45-day ceasefire that could lead to a permanent end to the war, though the chances for reaching a partial deal before the Tuesday deadline were slim. Reuters also reported that Iran and the U.S. have received a plan to end hostilities that, if agreed, would result in an immediate ceasefire and the reopening of the Strait of Hormuz. The framework, which could come into effect on Monday, was put together by Pakistan, an unnamed source told Reuters. President Donald Trump is set to hold a news conference with the military at 1 p.m. “As the conflict with Iran enters its sixth week persistent concern about the time it will take to arrive at an effective resolution to the conflict will, however, likely remain for now as a negative overhang for market participants to navigate,” said John Stoltzfus, chief investment strategist at Oppenheimer Asset Management. “We remain positive in our outlook for the markets and the US economy this year with ‘resilience’ the operative word for providing the market with enough opportunities to climb the proverbial ‘wall of worry,’” he added. Wall Street is coming off a strong performance last week, with the S&P 500 advancing 3.4%. That gain snapped a five-week losing streak and marked the benchmark’s best weekly performance since late November. The Dow and Nasdaq also ended their respective five-week slides. The former advanced 3% for the week, while the latter popped 4.4%. Those gains weren’t easy to come by, however. The major averages experienced wild swings during the week as traders assessed updates on the U.S.-Iran war and gauged when the conflict may end. On Sunday, Trump warned the U.S. would strike Iran’s power plants and bridges if the Strait of Hormuz isn’t opened by Tuesday. “Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one, in Iran. There will be nothing like it!!!” Trump said in a Truth Social post. Monday will mark the first session during which investors will be able to react to the stronger-than-expected March jobs report, which came out on Friday. U.S. markets were closed due to Good Friday. Treasury yields held steady on Monday after Friday’s nonfarm payrolls report for March came in stronger than expected. On Monday, the yield on the 10-year Treasury added almost 2 basis points to 4.364%. The 2-year Treasury gained more than 1 basis point to 3.864%. The 30-year Treasury yield rose nearly 2 basis points to 4.924%. The bond market closed early Friday, wrapping up at 12 p.m. ET. Asian stocks traded mixed Monday, with several key markets closed for holidays, with investors monitoring developments in the Middle East conflict. Japan’s Nikkei 225 climbed 0.55% higher to end the session at 53,413.68, and the broad-based Topix ended flat at 3,644.8. South Korea’s blue-chip Kospi rose 1.36% to 5,450.33 while the small-cap Kosdaq dropped 1.5% to 1,047.37. India’s benchmark Nifty 50 was 0.62% higher, reversing course from losses earlier in the session, while the BSE Sensex was up 0.68% as of 1.45 p.m. local time [4:15 a.m. ET] Many markets in Asia are closed on Monday for holidays, as Australia, New Zealand, and Hong Kong celebrate Easter, while mainland China and Taiwan celebrate Qingming Festival, the tomb-sweeping holiday. Oil prices fell Monday as mediators sought to broker a ceasefire between the U.S. and Iran. The U.S. West Texas Intermediate contract for May dropped about 1% to $110.45 per barrel by 8:19 a.m. ET. International benchmark Brent crude prices were little changed at $108.76 per barrel. Gold prices fell on Thursday as the U.S. dollar and oil prices rose after President Donald Trump said the U.S. would continue attacks on Iran, spurring inflation concerns and bolstering expectations of higher interest rates. Spot gold was down 3.6% at $4,587.55 per ounce, after hitting a two-week high earlier in the session. U.S. gold futures fell 2.7% to $4,679.70. The dollar rose sharply, making greenback-priced bullion less affordable to other currency holders.
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