Stock Futures Sink as Oil Prices Spike Amid Israel-Hamas Conflict
Stock futures took a hit on Sunday as oil prices surged following Israel’s declaration of war on Hamas. The conflict arose after a deadly attack by Palestinian militants over the weekend. At 6:41 p.m. ET Sunday, Dow Jones Industrial Average futures dropped 186 points, or 0.6%, while S&P 500 futures and Nasdaq Composite futures fell 0.7% and 0.6% respectively.
Crude oil futures, specifically West Texas Intermediate, the U.S. standard, witnessed a 3.8% increase, reaching $85.97 a barrel. Meanwhile, Brent crude, the international standard, gained 2.6% to $87.63 a barrel.
This week, notable earnings reports include PepsiCo on Tuesday, followed by Delta Air Lines, Domino’s Pizza, Fastenal, and Walgreens Boots Alliance on Thursday. On Friday, BlackRock, Citigroup, JPMorgan Chase, PNC Financial Services Group, Progressive Corp., UnitedHealth Group, and Wells Fargo will also release their earnings reports.
In terms of economic events, Tuesday will see the release of the National Federation of Independent Business’ Small Business Optimism Index for September. On Wednesday, the Federal Open Market Committee will release the minutes from its September monetary-policy meeting, and the Bureau of Labor Statistics will report the producer price index. Thursday will bring the consumer price index for September, as reported by the BLS, along with the number of worker filings for unemployment benefits in the week ended October 7, reported by the Labor Department. Finally, on Friday, the University of Michigan will release its Consumer Sentiment Survey for October.
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