Futures Rise After Wild Session; Oil Drops as Trump Says Iran War Over ‘Very Soon’

Stock futures pointed to a higher open as oil prices retreated further Tuesday, a day after major indexes erased steep losses to end higher after President Donald Trump said the Iran war could end soon.  

Nasdaq 100, Dow Jones Industrial Average, and S&P 500 futures pointed up 0.4%, 0.3%, and 0.2%, respectively, in recent trading.

Yesterday, the tech-heavy Nasdaq, benchmark S&P 500, and blue-chip Dow Jones Industrial Average ended up a respective 1.4%, 0.8%, and 0.5%, with the Dow finishing nearly 240 points higher after having erased a nearly 900-point decline. The indexes rallied after President Donald Trump told CBS News that “the war is very complete, pretty much” and the price of oil fell.

West Texas Intermediate crude futures, the U.S. benchmark, were down more than 7% at $87.85 a barrel in recent trading. Last night, Trump said the fighting with Iran would be over “very soon,” although he also said that “we’re going to go further.”

Early Monday, oil futures had surged above $119 a barrel—their highest level since 2022—before paring gains after Group of Seven finance ministers said they could release oil from their strategic reserves to offset disruptions. Later, after Trump told CBS News that ships were moving through the Strait of Hormuz and he was “thinking about taking it over,” WTI futures turned lower. 

The yield on the 10-year Treasury note, which affects interest rates on all sorts of consumer loans, rose to 4.12% from Monday’s close of 4.10%. Gold futures advanced 1.7% to $5,190 an ounce, while silver futures jumped 5% to around $89 an ounce. 

The U.S. Dollar Index, which tracks the value of the greenback against a basket of currencies, fell 0.5% to 98.68. Bitcoin was trading around $70,800, up from overnight lows around $68,400.

The Magnificent Seven tech stocks, which rallied to end higher yesterday, all pointed modestly higher in premarket trading, led by roughly 1% advances by Meta Platforms (META) and Tesla (TSLA).

Hewlett Packard Enterprise (HPE) stock rose about 3% before the bell after it reported quarterly results Monday afternoon. Oracle (ORCL) shares were up roughly 2% ahead of its results after markets close today.