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Happy Monday. Stock futures were rising as oil prices retreated after a volatile week on Wall Street.
Markets had a wild ride as the Federal Reserve raised interest rates last week for the first time in three years. Stocks finished mixed on Friday.
“Markets are starting the week on a more constructive footing, with falling oil prices helping revive risk appetite after several weeks dominated by inflation and interest-rate concerns,” said Daniela Hathorn, senior market analyst at Capital.com. “Asian equities advanced overnight, led by technology and semiconductor stocks, while European markets have opened higher and U.S. futures are pointing to gains.”
Hathorn said oil is the biggest source of relief. Saudi Arabia expects to restore about half of its East-West pipeline capacity within days, while crude exports have recovered from August’s lows.
“There is also renewed hope for diplomacy around this week’s UN General Assembly, with (President Donald) Trump indicating he is willing to meet Iranian President Masoud Pezeshkian,” she said.
“None of that resolves the Middle East conflict, and Houthi attacks on Saudi infrastructure remain an obvious risk, but for now markets are removing some of the geopolitical premium built into crude.”
President Masoud Pezeshkian will lead an Iranian delegation at the United Nations General Assembly in New York on Tuesday, amid renewed hopes for a diplomatic solution to the Middle East conflict, CNBC reported.
Trump and Chinese President Xi Jinping are scheduled to hold a summit meeting in Washington this week, with talks expected to cover issues including tariffs, critical minerals and artificial intelligence. Treasury Secretary Scott Bessent met with Chinese Vice Premier He Lifeng ahead of the visit.
China and the U.S. are discussing possible announcements to strengthen military-to-military ties during Xi’s state visit to Washington, according to the South China Morning Post.
