After ending last Friday’s trading mostly lower, stocks may show a lack of direction in early trading on Monday. The major index futures are currently pointing to a roughly flat open for the markets, with the S&P 500 futures up by less than a tenth of a percent.
Traders may be reluctant to make significant moves as they as investors await Iran’s response to the weekend U.S. airstrikes on its nuclear sites.
Media reports suggest that Iran is mulling blocking the Strait of Hormuz, a key artery for global oil and gas supplies being sent around the world from the Middle East.
Other reports said that Iran may target one of several U.S. military bases located throughout the region.
Meanwhile, Israeli officials have signaled that the country is prepared to halt its military campaign against Iran if Supreme Leader Ayatollah Ali Khamenei ceases hostilities and seeks a resolution to the conflict.
The National Association of Realtors is scheduled to release its report on existing home sales in the month of May shortly after the start of trading. Existing home sales are expected to decrease to an annual rate of 3.96 million in May from a rate of 4.00 million in April.
U.S. stocks fell broadly on Friday as investors reacted to rising Middle East tensions and pondered future interest rate decisions.
The S&P 500 eased 0.2 percent and the tech-heavy Nasdaq Composite declined half a percent after reports emerged the U.S. may revoke waivers for some semiconductor firms.
The narrower Dow finished marginally higher as Fed Governor Christopher Waller said that he doesn’t expect tariffs to boost inflation significantly and that there is room for a rate cut as early as July.
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Monday. Japan’s Nikkei 225 Index edged down by 0.1 percent, while China’s Shanghai Composite Index climbed by 0.7 percent.
Meanwhile, the major European markets have all moved to the downside on the day. While the French CAC 40 Index is down by 0.8 percent, the German DAX Index is down by 0.5 percent and the U.K.’s FTSE 100 Index is down by 0.2 percent.
In commodities trading, crude oil futures are falling $0.38 to $73.46 a barrel after rising $0.34 to $73.84 a barrel last Friday. Meanwhile, after sliding $22.40 to $3,385.70 an ounce in the previous session, gold futures are slipping $12 to $3,373.70 an ounce.
On the currency front, the U.S. dollar is trading at 147.39 yen versus the 146.09 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is trading at $1.1465 compared to last Friday’s $1.1523.
Business News
Futures Pointing To Roughly Flat Open On Wall Street
2025-06-23 13:02:26
