June S&P 500 E-Mini futures (ESM26) are up +0.71%, and June Nasdaq 100 E-Mini futures (NQM26) are up +1.40% this morning, signaling a rebound from Friday’s selloff on Wall Street as investors stepped in to buy the dip in technology stocks even as tensions in the Middle East pushed oil prices higher.
The price of WTI crude initially climbed nearly +5% after Israel and Iran exchanged fire. In several waves of strikes, the two sides attacked each other for the first time since a U.S.-brokered ceasefire came into effect in April. The escalation between Israel and Iran began after Tehran launched missiles toward Israel on Sunday in retaliation for an Israeli airstrike on Beirut hours earlier that targeted the Iran-backed militants Hezbollah. However, oil prices trimmed earlier gains to trade below $92 a barrel after U.S. President Donald Trump said on Monday in a post on Truth Social that both sides are “looking to do” an immediate ceasefire. He added, “Final negotiations on ‘Peace’ are proceeding, subject to ignorance or stupidity getting in its way.” Meanwhile, the Fars news agency reported that Iran’s central military command said its military operation against Israel has ended.
