Trump's Iran Rejection Sends Dow Futures Plummeting
Futures on Wall Street fell sharply in Sunday evening trading after US President Donald Trump rejected Iran's proposal to re-open the Strait of Hormuz, leading to a surge in crude oil prices. The Dow futures declined by over 160 points, while the S&P 500 and Nasdaq futures dropped 25 and 100 points respectively.
Crude oil prices rose due to the tensions in the region, with Brent crude increasing by as much as 2% to $106.29 a barrel. The West Texas Intermediate also rose towards the $94 a barrel mark, despite Saudi Arabia's recent increase in crude exports.
The third quarter of calendar year 2026 is set to come to an end on September 30, with several key economic indicators scheduled for release this week. On Thursday, the weekly jobless claims report and manufacturing PMI data for September will be released, followed by the monthly jobs report and factory orders data on Friday.
Federal Reserve officials are also set to speak throughout the week, including Chicago Fed President Austan Goolsbee and New York Fed President John Williams on Tuesday. Dallas Fed President Lorie Logan is scheduled to speak on Friday, as the market prepares for potential rate hikes to combat inflation.