U.S. stock futures soared in Monday’s pre-market trade after President Donald Trump announced that he has instructed the Department of War to postpone all military strikes against Iran’s power plants and energy infrastructure for five days.
Dow Jones Industrial Average (DJIA) futures were up more than 1,200 points, while the S&P 500 and Nasdaq 100 futures were both up nearly 3%.
President Donald Trump on Monday announced that he has instructed the Department of War to postpone all military strikes against Iran’s power plants and energy infrastructure for five days.
“I AM PLEASE TO REPORT THAT THE UNITED STATES OF AMERICA, AND THE COUNTRY OF IRAN, HAVE HAD, OVER THE LAST TWO DAYS, VERY GOOD AND PRODUCTIVE CONVERSATIONS REGARDING A COMPLETE AND TOTAL RESOLUTION OF OUR HOSTILITIES IN THE MIDDLE EAST,” President Trump said in a post on Truth Social.
He added that the postponement of military strikes on Iran’s energy infrastructure is subject to the success of the ongoing discussions between the two sides.
U.S. equities soared in Monday’s pre-market trade. At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was up 1.17%; the Invesco QQQ Trust ETF (QQQ) rose 1.15%; and the SPDR Dow Jones Industrial Average ETF Trust (DIA) gained 1.3%. Retail sentiment on Stocktwits regarding the S&P 500 ETF was in the ‘extremely bearish’ territory.
Iran Denies Trump’s Claims Of Talks
A senior Iranian security official reportedly denied President Trump’s claims of talks between the two countries, according to Tasnim News Agency.
The official reportedly stated that President Trump has retreated in the face of Iran’s military threats regarding attacks on critical infrastructure in the region.
The official stated that no negotiations are ongoing or have been undertaken, while noting that the Strait of Hormuz will not return to pre-war conditions.
Oil Tumbles
Crude oil prices tumbled about 9% on Monday following President Trump’s announcement, after gaining more than 3% earlier in the day.
U.S. West Texas Intermediate (WTI) crude futures maturing in May tumbled more than 9% to hover around $89 per barrel. Brent crude futures expiring in May also fell 9% to $97 per barrel.
The United States Oil Fund ETF (USO) fell nearly 9%, while the ProShares Ultra Bloomberg Crude Oil ETF (UCO) was down about 11% at the time of writing.
Also See: ‘Very Severe’ Crude Oil Shock Coming? IEA Warning Sparks Reaction As Trump’s Iran Deadline Looms
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