Trump Pause Sparks Stock Surge as Earnings Season Heats Up

Stock futures are pointing to a higher open on Monday as investors look ahead to a packed week of earnings reports. Major indexes posted gains last week, snapping multi-week losing streaks.

The S&P 500 and Nasdaq added 0.6% and 0.2%, respectively, while Dow Jones Industrial Average futures were up 1.1%. Oil prices are tumbling after President Trump announced a pause in strikes on Iran over the weekend.

The U.S. benchmark, WTI crude oil futures, was down 6% to $79.50 per barrel, while Brent futures fell more than 5% to $83.30. Palantir is scheduled to release its earnings report after the closing bell today, and shares of AstraZeneca and Bristol-Myers Squibb are moving sharply following a report that the pharmaceutical giants have discussed a potential merger.

SpaceX is due to report earnings for the first time this week, headlining a busy week of corporate results. The company's quarterly results will be released tomorrow afternoon. Investors are awaiting the release of the July jobs report on Friday and looking ahead to a packed week of earnings reports from major companies including Caterpillar, Advanced Micro Devices, McDonald's, and Pfizer.