Trump Gives Diplomacy More Time as Stocks Rise and Oil Prices Fall
U.S. stock futures surged and crude oil prices plummeted on Sunday as President Donald Trump allowed diplomatic efforts with Iran to continue during a pause in hostilities, easing investor concerns over an immediate escalation in the Middle East.
The Dow futures gained 266.00 points, or 0.51%, to 52,390.00, while S&P 500 futures advanced 48.25 points, or 0.65%, to 7,495.75. Nasdaq 100 futures rose 312.25 points, or 1.10%, to 28,594.50.
In commodities, WTI crude oil fell 4.61% to $85.19 per barrel, while Brent crude declined 4.30% to $92.62 per barrel. Natural gas futures dropped 2.19% to $2.808 per MMBtu.
The U.S. dollar index stood at 101.132, down 0.33% on the day. Asian markets were mixed, with South Korea's KOSPI falling 1.02% to 6,622.15, while Japan's Nikkei 225 edged up 0.12% to 64,685.90.
Mike Waltz, the U.S. ambassador to the UN, said that Trump is giving diplomatic efforts 'some space.' Talks are ongoing at all levels, from technical aspects to high-level negotiations. However, he stressed that the U.S. military remains 'locked and loaded' as negotiations continue, with Trump keeping all options on the table.