U.S. stock index futures continue to rise as the market awaits Trump's nationwide speech

As the market becomes increasingly optimistic that the Middle East war is nearing its end, U.S. stock index futures rose. Brent crude oil prices at one point fell below $100 per barrel, boosting bonds as well. The U.S. dollar posted its largest drop in a week.

At 7:39 a.m. New York time, S&P 500 index futures rose 0.9%, after setting up to build on the biggest single-day gain since May last year; Nasdaq 100 index futures were up 1.1%, and Dow Jones futures rose 0.7%. U.S. President Donald Trump said he expects the United States to end its war with Iran within two to three weeks. European stocks were up 2.6%, and Asian markets also surged 4.9%.

Traders said that even if the war ends within the timeframe Trump mentioned, it would still take time for oil flows to return to normal, especially if some energy facilities were damaged. Trump’s team also hinted that reopening the Strait of Hormuz, which carries 20% of global crude oil transport volume, may not be a necessary condition for ending hostilities.

Wolf von Rotberg, an equity strategist at Bank J Safra Sarasin, said, “Since the conflict began, the correlation between Brent oil prices and global equities has been unusually strong. This suggests that for global equities to return to prior peaks, the Strait of Hormuz needs to reopen, and oil prices also need to fall significantly. With risk declared as gone, it may still be too early.”

Trump will deliver remarks at 9:00 p.m. U.S. Eastern Time to provide an update on the Iran matter.

Chip stocks continued to rebound in premarket trading; Sandisk rose 3%. After Nike issued a pessimistic outlook, its shares plunged 10%. With gold prices rising for the fourth straight day and breaking above $4,700 per ounce, mining stocks such as AngloGold Ashanti and Newmont moved higher.

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