dailyloe.com – US stock futures rose on Sunday evening as markets responded to new developments in the Strait of Hormuz.
The US administration launched ‘Project Freedom’ aimed at assisting cargo ships stranded by the closure of the waterway.
S&P 500 futures ticked up 0.2%, Nasdaq 100 futures increased by 0.1%, and Dow Jones futures gained about 0.2%.
This follows a strong finish to the previous week with the S&P 500 and Nasdaq Composite reaching record highs.
On Friday, the S&P 500 rose 0.3% while the Nasdaq Composite gained 0.9%, but the Dow Jones Industrial Average fell 0.3%.
Geopolitical issues remain important as Donald Trump announced “Project Freedom,” which aims to assist neutral cargo ships in the region.
The initiative is set to begin Monday, although execution details remain unclear.
This announcement comes as Iran noted it received a US response to its peace proposal through Pakistani intermediaries.
Markets are preparing for key economic data this week, including the April U.S. jobs report scheduled for Friday.
Economists anticipate a slowdown in job growth, forecasting 60,000 new positions compared to March’s 178,000.
The unemployment rate is expected to remain steady at 4.3%.
This week will also feature earnings from major semiconductor companies including Lattice Semiconductor Corporation, Advanced Micro Devices, and Arm Holdings.
Investors are also awaiting results from Palantir and Paramount Skydance.
Oil prices steadied after a tanker was reportedly hit in the Strait of Hormuz.
Brent crude was little changed near $108 a barrel, while West Texas Intermediate was below $102.
Traders expressed doubts about the effectiveness of Trump’s plan to guide neutral ships safely through the Strait.
