Trump Threats Spark Oil Price Surge as Nasdaq Seeks Overnight Trading

Global oil prices surged overnight after U.S. President Donald Trump threatened to bomb Oman if it impedes efforts to end the war against Iran and reopen the Strait of Hormuz. The threat sparked concerns about rising inflation, with Brent crude futures topping $90 a barrel.

The Nasdaq is seeking regulatory approval to launch nearly continuous U.S. equity trading, including a new 9 p.m. to 4 a.m. ET overnight session. The proposed schedule would allow trading from 9 p.m. Sunday through 8 p.m. Friday, with only a one-hour daily processing break and all-day Saturday closed.

U.S. stock futures traded lower in the overnight session as renewed tensions between the United States and Iran returned to focus. Dow futures were down 0.03%, while the S&P 500 futures fell 0.25% and the Nasdaq-100 futures slumped 0.60%. All three benchmark indexes closed lower on Monday, with the S&P 500 leading the decline.

Markets will turn their attention to the Fed's July meeting minutes, due Wednesday, while earnings season continues with results from several major retailers this week. Home Depot is set to report Tuesday, followed by Target and Walmart on Wednesday and Thursday respectively.