Wall Street Aims To Start Positive

(RTTNews) - Early signs from the U.S. Futures Index suggest that Wall Street might surge on Monday as there Iran and US are closer to a deal to end war. However, there are no official confirmation on the terms.

Donald Trump said that the Strait of Hormuz will be reopened and the US naval blockade of Iran will be ended.

Asian shares finished positive, while European shares are trading higher.

Oil prices plunged more than 5 percent to reach three-month lows, while gold prices rose sharply to hover near a one-week high.

The U.S. dollar hit a 10-day low. Brent crude futures slumped over 4 percent toward $83 a barrel.

As of 7.51 am ET, the Dow futures were up 490.00 points, the S&P 500 futures were adding 98.75 points and the Nasdaq 100 futures were progressing 646.75 points.

The U.S. major averages finished higher on Friday. The Dow advanced 353.51 points or 0.7 percent to 51,202.26, the S&P 500 climbed 37.16 points or 0.5 percent to 7,431.46 and the Nasdaq rose 79.18 points or 0.3 percent at 25,888.84. For the week, the major averages all increased by 0.7 percent.

On the economic front, the Empire State Manufacturing Index for June will be issued at 8.30 am ET. The consensus is 12.5, while it was up 19.6 in May.

The Industrial Production for May will be released at 9.15 am ET. The consensus is for an increase of 0.2 percent, while it was up 0.7 percent in the prior month.

The Housing Market Index for June will be published at 10.00 am ET. The consensus is 36, while it was up 37 in the prior month.

Asian stocks surged on Monday. China's Shanghai Composite index jumped 1.61 percent to 4,096.47 while Hong Kong's Hang Seng index ended half a percent higher at 24,842.67.

Japanese markets soared as geopolitical tensions eased. The Nikkei index jumped 4.99 percent to 69,317.50, breaking above the 69,000 level for the first time in history. The broader Topix index settled 3.03 percent higher at 3,999.60.

Australian markets hit an eight-week high. The benchmark S&P/ASX 200 rallied 1.25 percent to 8,914 while the broader All Ordinaries index ended up 1.35 percent at 9,128.