US Futures Climb on Hopes for Trump-Xi Meeting and Lower Oil Prices

US futures are rising ahead of key meetings this week that could impact trade and geopolitics. The Trump-Xi meeting in Washington is expected to cover a range of issues, including trade, artificial intelligence, and Middle East tensions.

Oil prices have dropped over 3% as vessel traffic through the Strait of Hormuz has picked up, although the Strait remains largely closed due to ongoing tensions between the US and Iran.

The yield on the U.S. 10-year Treasury hit 5%, and the Federal Reserve raised interest rates for the first time in three years last week. The Bank of Japan also raised rates to a 31-year high.