Before the Bell
US stock futures are modestly higher this morning, with S&P 500 futures up +0.17% and Dow futures up +0.29%, as crude oil gives back part of last week's rally. WTI crude is down about 2% near $101 a barrel and Brent is near $114, after attacks by Yemen's Houthi forces in Saudi Arabia pushed prices to roughly six-month highs last week. Lower oil eases one pressure on inflation just as a heavy week begins: the Federal Reserve announces its rate decision Wednesday, with fed funds futures (contracts that price the expected Fed policy rate) implying about a 90% chance of a hold, and Microsoft, Alphabet and Amazon report this week.
Friday's session closed lower. The S&P 500 fell 0.5% to 7,623.68, the Nasdaq Composite slipped 0.2% to 25,955.34, and the Dow dropped 1.2% to 52,215.16, with the S&P 500 and Nasdaq posting a second straight weekly loss on higher oil and concern over AI spending. Crown Castle rose about 9% on reports that SpaceX is in talks to lease tower sites, while Bloom Energy fell about 11% as negative free cash flow overshadowed an earnings beat. Overnight, Asia was mixed (Hong Kong's Hang Seng +0.5%, Japan's Nikkei 225 -0.8%), and Europe's STOXX 600 opened flat before edging up as oil retreated.