Wall Street Is Pretty Happy With the Weekend in Iran

Wall Street looked ready to shake off last week's slump on Monday after a relatively quiet weekend for the Strait of Hormuz. The US and Iran paused their strikes, and the cooling of tensions has resulted in stock futures jumping and oil prices sliding, reports CNBC. Dow futures were up about 550 points early Monday, more than 1%, while S&P 500 futures rose 1% and those in the tech-heavy Nasdaq were up 1.7%. The price of international Brent crude tumbled 9% to about $85 a barrel, per the Wall Street Journal.

Investors now face a packed week in addition to Iran, with Amazon, Apple, Meta, and Microsoft set to report, in tests of whether huge AI outlays will keep flying with shareholders. The Federal Reserve also meets Wednesday, with markets split on whether a rate hike lands this week or in September.