US stock market today: The indices are set to open on a positive note on Tuesday, March 31, amid hopes of a likely de-escalation in the Middle East conflict that has pushed the key indices to their worst monthly fall in years.
The US stock index futures all traded in the green, higher by 1%. At 6.25 am GMT, E-mini Nasdaq 100 futures were up 0.97%, E-mini S&P 500 futures were higher by 1.04%, and E-mini Dow Jones index futures added 1.10%.
The rebound followed a Wall Street Journal report that US President told aides he was willing to end the military campaign against Iran even if the Strait of Hormuz remained largely closed.
Over the past month, Trump has shared different and sometimes conflicting views in public about how to deal with the and the war overall. At times, he has threatened to bomb civilian energy facilities if the waterway is not reopened by a certain deadline. At other times, he has said the Strait is not very important for the US and that other countries should handle the problem.
The longer the Strait stays closed, the more it will hurt the global economy and increase gas prices. have jumped almost 60% in March as the Strait accounts for a fifth of the world’s crude oil passage
The US-Israeli war with Iran has entered its fifth week, pushing Dow Jones and the Nasdaq 10% below their record high closes last week, confirming a correction. Meanwhile, the S&P 500 and the Dow Jones are on track for their worst monthly fall since 2022.
Investors will also watch out for the job openings and labour turnover survey for February.
Crude oil prices remain higher
Crude oil prices remained higher, with set for the largest monthly gain from a prolonged closure of the Strait of Hormuz.
Brent crude futures for May, which expire on Tuesday, were up $2.22, or 1.97%, at $115 per barrel. US West Texas Intermediate futures for May were up $1.35, or 1.31%, at $104.23.
(With inputs from Reuters)
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