Stock futures took a hit as oil prices surged on Sunday following Israel's declaration of war on Hamas, in response to a deadly attack by Palestinian militants over the weekend.
Market Impact
As of 6:41 p.m. ET on Sunday, Dow Jones Industrial Average futures were down 186 points, or 0.6%. Similarly, S&P 500 futures fell 0.7% and Nasdaq Composite futures slipped 0.6%.
Oil Price Surge
Crude oil futures, specifically West Texas Intermediate (the U.S. standard), experienced a significant increase of 3.8% to reach $85.97 per barrel. The international standard Brent crude also climbed by 2.6%, reaching $87.63 per barrel.
Trading Schedule
On Monday, the Nasdaq and New York Stock Exchange will operate as usual during regular trading hours. However, U.S. bond markets will remain closed in observance of Columbus Day and Indigenous Peoples’ Day.
Notable Earnings
This week, several notable companies will release their earnings reports. PepsiCo's report is scheduled for Tuesday, while Thursday will see earnings releases from Delta Air Lines, Domino's Pizza, Fastenal, and Walgreens Boots Alliance. Friday will be an important day for earnings with reports from BlackRock, Citigroup, JPMorgan Chase, PNC Financial Services Group, Progressive Corp., UnitedHealth Group, and Wells Fargo.
Key Economic Events
One of the key economic events this week is the release of the National Federation of Independent Business’ Small Business Optimism Index for September on Tuesday.
On Wednesday, the Federal Open Market Committee will release the minutes from its recent monetary-policy meeting held on Sept. 19-20. Additionally, the Bureau of Labor Statistics will report the producer price index.
Thursday will witness the release of the consumer price index for September by the BLS. The Labor Department will also report the number of worker filings for unemployment benefits in the week ended Oct. 7.
Finally, on Friday, the University of Michigan will release its Consumer Sentiment Survey for October.
