September S&P 500 E-Mini futures (ESU26) are up +0.98%, and September Nasdaq 100 E-Mini futures (NQU26) are up +1.59% this morning, pointing to a sharply higher open on Wall Street as a slump in oil prices boosted investor sentiment at the start of a busy week.
The price of WTI crude cratered more than -8% on Monday after the U.S. and Iran refrained from attacking each other for a third consecutive night. The Wall Street Journal reported that President Trump has put off a major military escalation against Iran amid efforts to revive diplomacy aimed at reopening the Strait of Hormuz and ongoing debate over the impact of dwindling munitions stockpiles. Mr. Trump has consistently said "he prefers a diplomatic solution, but he continues to retain all options if Iran continues terrorist activities in the Strait of Hormuz or against allies," a White House spokesman said in a statement. Meanwhile, Iran's army said on Sunday that it has suspended its retaliation against U.S. bases and troops in the region following Trump's decision to hold off on strikes.
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