S&P futures vs fair value: +51.00.
Nasdaq futures vs fair value: +322.00.
Equity futures point to a higher open this morning after a losing week for stocks in which mega-cap spending plans and higher oil prices pressured the market throughout the week.
Some relief on the oil front, with crude oil down $6.13 (-6.8%) to $83.25 per barrel amid reports that President Trump has paused strikes against Iran, with Axios adding that Iran and Oman are discussing a new arrangement to reopen the Strait of Hormuz.
In addition to monitoring developments on the geopolitical front, investors have another busy week of earnings reports to assess, with four Magnificent Seven names on the calendar.
This week will also feature some consequential events on the macro front as investors brace for the FOMC’s decision on Wednesday, followed by another inflation reading on Thursday. Last week’s surge in oil prices saw a material uptick in the market’s expectation for a rate hike at one of the next meetings.