Briefing

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  • Futures point to higher open after President Trump comments on Iran

    • S&P futures: +51.00; Nasdaq futures: +192.00
    • President Trump comments on Truth Social about discussions with a "new, more reasonable regime" to end military operations in Iran.
    • Threatens to destroy Iran's energy infrastructure if no deal and Strait of Hormuz remains closed.
    • Primes the market for a modest bounce after a particularly weak session on Friday.

  • Futures point to higher open

    • S&P futures: +37.00; Nasdaq futures: +132.00
    • Equity futures point to a higher opening for a holiday-abbreviated week.
    • Major averages coming off their fifth consecutive losing week, retreated over 1.5% on Friday.
    • Previous losses driven by broad uncertainty (elevated oil prices, inflation expectations, monetary policy outlook).
    • Technical weakness: major averages unable to reclaim 200-day moving averages; DJIA entered correction territory.
    • Morning optimism tied to geopolitical developments.
    • President Trump reportedly said Iran "gave" the U.S. most demands from a 15-point peace proposal (details not specified).
    • President Trump also threatened to destroy Iran’s energy infrastructure on Kharg Island if no deal.
    • WTI Crude Oil: $101.54 per barrel, up $1.90 (+1.9%).
    • No economic data of note today.
    • Corporate news:
      • President Trump signed an order to pay TSA agents after Congress failed to fund DHS.
      • Sysco (SYY) trades lower after agreeing to acquire Jetro Restaurant Depot in a $29.1 billion deal.
    • Overnight developments:
      • Asia-Pacific equity indices mostly lower (South Korea's Kospi -3.0%, Japan's Nikkei -2.8%).
      • Little apparent change to Middle East situation over the weekend.
      • Japanese yen briefly hit lowest level against dollar since mid-2024 before bouncing.
      • Increase in expectations for a rate hike from the Reserve Bank of Australia.
      • Companies listed in China and Hong Kong reported a 3.55% yr/yr increase in profits for fiscal 2025.
      • India's February Industrial Production and Manufacturing Output were better than expected.
    • Major European indices: trade in the green despite continued rise in energy prices (Brent crude approaching $110/bbl).

  • Early Morning Levels

    • S&P futures: +28.00
    • Nasdaq futures: +92.00

  • Asian Market Data

    • Nikkei: -2.80%
    • Hang Seng: -0.80%

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