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* Futures up: Dow 0.16%, S&P 500 0.37%, Nasdaq 0.66%
April 6 (Reuters) - U.S. stock index futures inched
higher on Monday, after the main indexes marked their biggest
weekly jump in four months in the last session, as investors
assessed prospects of an end to the Middle East conflict.
The U.S. and Iran received a framework of a plan to end the
hostilities, a day after President Donald Trump threatened to
rain "hell" on Tehran if it did not make a deal. Iran said the
Strait of Hormuz will not be reopened under a temporary
ceasefire.
Investors drew some comfort from an Axios report, citing
four sources with knowledge of the talks that the U.S., Iran and
a group of regional mediators are discussing the terms for a
potential 45-day ceasefire.
Oil prices eased slightly on Monday and U.S. energy stocks
were a little lower in premarket trading. Exxon Mobil ( XOM )
fell 1.3%, Chevron ( CVX ) lost 1% and Occidental Petroleum ( OXY )
was off 1.7%.
Wall Street's main indexes ended mixed on Thursday, but
posted their first weekly gains in six as the prospects of an
end to the conflict provided some relief.
The hostilities have entered their second month after
battering global markets in March. The S&P 500 and the Nasdaq
posted their biggest monthly drop since 2022, and the Dow, the
Nasdaq and the Russell 2000 confirmed correction territory,
falling 10% below their record high closes.
Trading volumes on Monday were expected to be thin as many
markets in Europe and Asia are closed for public holidays.
At 04:50 a.m. ET, Dow E-minis were up 73 points, or
0.16%, S&P 500 E-minis were up 24.25 points, or 0.37%
and Nasdaq 100 E-minis were up 159.25 points, or 0.66%.
This week, investors will parse through domestic inflation
data to see if the price pressures from soaring energy costs,
stemming from the Iran war, have trickled into the economy.
These would follow Friday's data that showed U.S. job growth
rebounded more than expected in March, with the increase in
nonfarm payrolls the biggest in 15 months.
Money market participants are not pricing in any easing from
the central bank this year, compared to two cuts they had
expected before the war broke out, per CME Group's FedWatch
Tool.
Among premarket moves, Soleno Therapeutics ( SLNO ) shares
surged over 30% after the Financial Times reported on Sunday
that Neurocrine Biosciences ( NBIX ) was nearing a deal to
acquire the rare genetics drugmaker for more than $2.5 billion.
(Reporting by Purvi Agarwal in Bengaluru; Editing by Shinjini
Ganguli)