December S&P 500 E-Mini futures (ESZ26) are up +0.69%, and December Nasdaq 100 E-Mini futures (NQZ26) are up +1.09% this morning as risk appetite improved amid a continued drop in oil prices and growing optimism ahead of a summit between U.S. President Donald Trump and Chinese leader Xi Jinping.
The price of WTI crude fell over -2% on Monday, extending its decline to a fourth straight session as improving traffic through the Strait of Hormuz and hopes for fresh diplomatic efforts to resolve the Iran war eased immediate supply concerns. Admiral Brad Cooper, head of U.S. Central Command, said on Saturday that oil and liquefied natural gas flows through Hormuz climbed to a six-month high over the past two weeks. Meanwhile, President Trump told Fox News that he would “probably” be open to meeting Iranian President Masoud Pezeshkian on the sidelines of the UN General Assembly this week.
