Wall Street pointed toward gains before markets opened today, according to the Associated Press, and oil prices sank. Futures for the S&P 500 rose 0.4% before the bell, while futures for the Dow Jones Industrial Average climbed 0.3%.
Crude oil prices fell sharply after a retaliatory strike by Israel over the weekend targeted Iranian military sites, rather than its energy infrastructure, as had been feared. Benchmark U.S. crude fell $4.22, or 5.9%, to $68.32 per barrel. Brent crude, the international standard, fell $4.23, or 5.6%, to $71.40 per barrel. Many publicly-traded energy companies saw their shares decline anywhere between 2% and 5% in the premarket.
Corporate earnings reports, which have been mostly solid, continue to be a key focus for investors. More than a third of the companies in the S&P 500 index have reported their latest quarterly financial results. Most of the results have beat analysts’ forecasts.
Shares in Dutch conglomerate Philips tumbled 17% after the health and home technology company said demand in China weakened further and was expected to continue.
In currency trading, the U.S. dollar rose to 152.59 Japanese yen from 152.24 yen.
