US stock futures retreated early Monday as a weekend surge in US-Iran tensions dashed hopes for a lasting Middle East peace deal, sending oil prices sharply higher and rattling investor confidence heading into a pivotal week of earnings.
Dow Jones futures dropped 0.70%, while contracts on the S&P 500 and the Nasdaq 100 each fell roughly 0.6% in early trading Monday.
The pullback comes after a winning week for Wall Street, with the S&P 500 and Nasdaq Composite climbing to all-time highs last week on the back of ceasefire optimism and the reopening of the Strait of Hormuz.
Oil prices soared over 6% on Monday in response, though they remained below the key $100 level. U.S. benchmark West Texas Intermediate crude futures traded at around $88 per barrel, while global benchmark Brent crude changed hands just above $96.
Meanwhile, the 10-year Treasury bond yielded 4.274%, and the two-year bond was at 3.741%. The CME Group’s FedWatch tool‘s projections show markets pricing a 99.5% likelihood of the Federal Reserve leaving the current interest rates unchanged in its April meeting.
Cues From Last Session
On Friday, major indexes built on earlier gains and closed out their third consecutive higher week, boosted by news that Iran declared the Strait of Hormuz completely open to commercial traffic. The Dow Jones Industrial Average jumped about 2.2%, and the S&P 500 gained 1.4%, with the Nasdaq also posting solid gains. The week’s flows went primarily into financial, discretionary, and tech stocks, all of which had lagged through much of March.
Upcoming Economic Data
There is no economic data scheduled for Monday. However, the week ahead is packed with market-moving events.
The Senate Banking Committee has scheduled a confirmation hearing at 10 a.m. ET on Tuesday, April 21, for Kevin Warsh, President Donald Trump’s nominee for Federal Reserve chair.
Thursday, April 23, brings the weekly Initial Jobless Claims report.
Friday, April 24, closes the week with the University of Michigan’s final Consumer Sentiment Index reading for April.
The New York Fed Staff Nowcast is also due Friday.
Commodities, Crypto, and Global Equity Markets
European stocks fell broadly on Monday, with the pan-European Stoxx 600 down 0.9% in early trade. Germany’s DAX fell 1.3%, France’s CAC 40 dropped about 1.1%, and the U.K.’s FTSE 100 opened 0.4% lower, with most sectors in negative territory. Asia-Pacific markets were mostly higher overnight, though U.S. futures erased those gains as tensions escalated.
Market News and Data brought to you by Benzinga APIs
© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
To add Benzinga News as your preferred source on Google, click here.