Dow Futures Edge Lower As Iran Moves To Block Strait Of Hormuz: Exxon, Chevron, Occidental, Tesla Among Stocks In Focus
Synopsis
While Dow Jones futures declined by 0.01% at the time of writing, the S&P 500 futures were up 0.07%.
U.S. stocks appear set to open on a weak note on Monday as Iran’s Parliament voted to block the Strait of Hormuz in retaliation for the United States entering the ongoing conflict with Israel by bombing Iran’s nuclear facilities over the weekend.
Iran also issued a warning on Monday, saying that the attack on its nuclear sites by the Trump administration widens the scope of legitimate targets for the country.
“Mr Trump, the gambler, you may start this war, but we will be the ones to end it,” said Ebrahim Zolfaqari, Iran's Khatam al-Anbiya central military headquarters spokesperson, according to a Reuters report.
While Dow Jones futures declined by 0.01% at the time of writing, the S&P 500 futures were up 0.07%, and the tech-heavy Nasdaq 100’s futures gained 0.05%. Futures of the Russell 2000 index fell 0.20%.
Meanwhile, the SPDR S&P 500 ETF Trust (SPY) gained 0.09%, while Invesco QQQ Trust (QQQ) was up 0.06% on Monday morning.
Bitcoin (BTC) fell 0.94% in the past 24 hours.
Asian markets ended Monday’s trading session on a largely negative note, with the TWSE Capitalization Weighted Stock index declining the most at 1.44%, followed by the KOSPI at 0.24% decline, and the Nikkei 225 with a 0.13% fall.
The Hang Seng index rose 0.67%, while the Shanghai Composite gained 0.64%.
Stocks To Watch
- Exxon Mobil Corp. (XOM), Chevron Corp. (CVX), Occidental Petroleum Corp. (OXY): Oil stocks surged in Monday’s pre-market trading session as Iran’s threats to block the Strait of Hormuz led to an increase in crude oil prices. U.S. West Texas Intermediate futures were up more than 1% at the time of writing.
- Tesla Inc. (TSLA): The Elon Musk-led EV giant kicked off its robotaxi services over the weekend. Tesla stock was up more than 1% in the pre-market trading session at the time of writing.
- Novo Nordisk (NVO): The trial data for Novo Nordisk’s experimental obesity shot CagriSema showed a lack of clear advantage over Eli Lilly’s Tirzepatide (Zepbound).
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