DJIA today: Dow futures rise as oil dips ahead of tech earnings
DJIA today pointed higher before Monday's open, with Dow Jones futures up about 0.2% as S&P 500 and Nasdaq futures also edged higher. Oil turned softer near $82 a barrel after overnight swings on U.S.-Iran news, while investors braced for a Big Tech earnings week led by Alphabet and Tesla.
Key Takeaways
- Dow futures rose about 0.2%, S&P 500 futures gained 0.4%, and Nasdaq-100 futures climbed 0.8% Monday morning.
- U.S. crude edged lower near $82 a barrel after swinging on diplomacy hopes and Red Sea shipping threats.
- Last week the Dow fell 0.9%, the S&P 500 slumped 1.55%, and the Nasdaq tumbled 2.9% as AI names sold off.
- Alphabet, Tesla, Intel, GE Vernova, and Interactive Brokers headline earnings, with an AMD AI event Wednesday.
- Chip and AI stocks were bouncing after heavy losses, though investors remain cautious amid Middle East risk.
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What is moving the DJIA today?
According to Investor's Business Daily, Dow Jones futures were up 0.2% Monday morning. S&P 500 futures advanced 0.4%, and Nasdaq-100 futures climbed 0.8%.
Chip and AI stocks were generally bouncing after steep losses last week. Overnight futures action does not always carry into the regular cash session, so traders were watching the open closely.
The bounce follows a down week concentrated in the Nasdaq and AI names. Outside tech, medical, financial, energy, and transportation shares had shown more resilience.
Why are oil prices choppy while stock futures rise?
U.S. crude oil prices edged lower to near $82 a barrel Monday, recovering from solid losses down toward almost $80. That pullback came even after oil futures had jumped above $85 overnight on U.S.-Iran attacks.
Prices whipsawed on reports of U.S.-Iran diplomacy as well as Red Sea threats. Mediators have proposed a new 10-day ceasefire, Reuters reported, while Iran-backed Houthis in Yemen announced a "sea navigation ban" on Saudi Arabia.
Weekend violence kept risk elevated: an Iranian missile attack Friday killed two U.S. troops and wounded several at a Jordan air base, and an Iranian drone killed another U.S. servicemember Saturday. Iran also launched heavy weekend attacks on Kuwait, striking an oil facility. Strait of Hormuz traffic remained extremely low.
Last week, U.S. crude futures spiked 15.5% to $82.49 a barrel amid heavy U.S.-Iran attacks and few tankers moving through the Strait of Hormuz.
What Big Tech earnings could swing markets this week?
Investors are waiting on a packed earnings calendar. Interactive Brokers reports Tuesday night, with GE Vernova due early Wednesday. Google-parent Alphabet and Tesla are scheduled for late Wednesday, and Intel is due Thursday evening.
Advanced Micro Devices will hold its Advancing AI event Wednesday, with CEO Lisa Su a featured speaker. Google is the first hyperscaler to report second-quarter results, so earnings, guidance, and capital-spending plans will be key for the hard-hit AI sector.
Last week the Dow Jones Industrial Average gave up 0.9%. The S&P 500 slumped 1.55% to just below its 50-day line. The Nasdaq composite tumbled 2.9%, and the Nasdaq-100 index fell 4.1%. The 10-year Treasury yield fell three basis points to 4.54%.
Boeing also announced Monday an order for 100 737 Max jets from leasing firm SMC Aviation Capital, as the Farnborough Air Show week gets underway.