US Stocks Tread Cautiously Amid Strait of Hormuz Uncertainty
US stock futures were mixed on Monday as investors weighed developments surrounding the Strait of Hormuz and oil prices.
The cautious move comes after Wall Street closed at record highs on Friday, with markets reassessing the outlook for Federal Reserve interest rates following weaker-than-expected US jobs data.
S&P 500 futures rose about 0.1%, while Nasdaq futures gained around 0.2% as investors continue to watch upcoming economic data and corporate earnings for fresh signals about the strength of the US economy and the Federal Reserve's interest-rate path.
The Strait of Hormuz remains a major market driver, with Iran reportedly close to a final agreement with Oman to establish new shipping lanes through the strait. However, Tehran has reiterated that the waterway will only be reopened after the United States meets several conditions.