Happy Monday.
On TheStreet Pro Stephen Guilfoyle offers a helpful summary of what’s happening in the Middle East in today’s Daily Market Recon.
He tells us that the Israelis “launched a series of highly calculated, well-informed, surgical strikes on Iranian military leadership,” which killed several generals, including the commander in chief of the Iranian armed forces and the commander of the Islamic Republican Guard Corps.
In response, Iran used drones and ballistic missiles in its counterattack. Israel’s Iron Dome system works well against rockets but not so well against ballistic missiles.
Attacks from both sides continue today.
With all that bad news, what are stock futures doing today? They’re up?
Related: Economy This Week: Fed’s rate decision may pack some drama
That’s right. S&P 500 futures are up around 100 points since Friday’s close, to their highest level since February.
Currently they’re trading at 6071, which is a gain of 1.6%. Nasdaq futures are higher, too, gaining around 1.8% since Friday.
Here are charts of the two. These are intraday charts and I’ve highlighted Friday’s market session in blue, Sunday’s global trading in green, and Monday’s premarket in yellow.
Why are they up? Also on TheStreet Pro, Peter Tchir reports that Israel’s Iron Dome is performing better than expected. Also, the Strait of Hormuz remains open and China probably has stepped in to say that it would greatly prefer to continue receiving Iranian oil.
And a further worsening could bring the U.S. into the conflict, which nobody wants.
You can read more here, in Market Anticipates Postive End to Israel-Iran Conflict After U.S. Involvement Update.
What’s down?
Related: Stocks This Week: Middle East and Fed meeting top investor worries
Crude oil. The economic driver is 2% lower to $71.49 because oil fields have been spared thus far in the attacks. However, they’re up 24% from lows seen in the aftermath of Liberation Day, April 2, on which President Donald Trump unveiled his tariff plans.
Gold is lower, too, though still trading near all-time-highs.
Among stock sectors trading before market open, the leaders include energy and oil names.
