Potential Middle East Ceasefire Lifts US Equity Futures Pre-Bell

MT Newswires Live07-21 20:08

US equity futures were higher pre-bell Tuesday as traders digested new efforts by mediators to put peace talks between the US and Iran back on track.

Dow Jones Industrial Average futures were 0.2% higher, S&P 500 futures were up 0.4%, and Nasdaq futures were 1.3% higher.

The US Central Command said it completed another round of attacks against Iran on Monday evening, as news reports said Tuesday that Iran-backed Houthis in Yemen are planning a naval blockade on Saudi Arabia.

Mediators are proposing a 10-day ceasefire between the two nations, giving hope that hostilities may de-escalate. Iranian Interior Minister Eskandar Momeni has asked Pakistan to resume its mediation role in the conflict and traveled to Islamabad for further discussions, according to a Reuters report.

Traders took note of the latest round of earnings, with Novartis (NVS) reporting lower core earnings and higher net sales for Q2.

Interactive Brokers Group (IBKR) is expected to report its Q2 financial results after the market closes. Analysts polled by FactSet expect adjusted earnings of $0.64 per share and revenue of $1.8 billion.

Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1.3% at $90.36 per barrel and US West Texas Intermediate crude 1.3% higher at $83.55 per barrel.

The economic calendar is vacant.

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