Dow Futures Soar 200 Points Amid US-Iran Ceasefire Hopes
US stock futures resumed trading on a positive note after the weekend break as both the US and Iran paused strikes on each other. This has led to hopes of a potential ceasefire yet again, resulting in a fall in crude oil prices.
The Dow futures are trading with gains of over 200 points on Sunday evening local time as trading resumed. The Nasdaq futures are up over 350 points, while the S&P 500 futures are trading with gains of close to 50 points.
Crude oil prices, both Brent and WTI, have dropped nearly 5% each after last week's rally when tensions in West Asia escalated, pushing Brent past $102 a barrel for the first time in two months. However, the US 10-year bond yield continues to trade near the 4.7% mark ahead of the US Federal Reserve's interest rate decision on Wednesday.
The market is also ignoring the involvement of Ukraine in the conflict, after it attacked an Iranian cargo vessel in the Caspian Sea, which has drawn strong protest from the Islamic nation.