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Stocks kicked off a busy week on a high note, with futures on the S&P 500 holding near last week’s record highs.
7:42 a.m. ET: Oil prices hold steady despite upheaval in Iran
Over the weekend, Iran admitted that it had accidentally downed a Ukrainian passenger jet last Wednesday, leading to a crash that killed all 176 people aboard. Initially, Tehran had denied shooting down the aircraft.
The admission ushered in protests in Iran beginning on Saturday, with citizens demonstrating against what they perceived as incompetence by the country’s leadership. Outlets including the Associated Press reported that Iranian police forces had used live ammunition to try and disperse protestors, while Iran’s government has denied that these methods of quelling protestors were used.
The reports sparked a response from President Donald Trump, who wrote a Twitter post over the weekend in support of the Iranian protestors.
To the leaders of Iran – DO NOT KILL YOUR PROTESTERS. Thousands have already been killed or imprisoned by you, and the World is watching. More importantly, the USA is watching. Turn your internet back on and let reporters roam free! Stop the killing of your great Iranian people!
— Donald J. Trump (@realDonaldTrump) January 12, 2020
Despite the unrest in the Middle East, oil prices remained relatively stable, after domestic crude oil futures posted their largest weekly drop since July on Friday. West Texas intermediate prices held around flat at $59.05 per barrel Monday morning, while Brent ticked down slightly to below $65 a barrel.
7:20 a.m. ET: Stock futures rise
U.S. stocks futures advanced as traders shrugged off tensions in the Middle East and looked toward the start of corporate earnings season and the signing of a U.S.-China initial trade deal later this week.
Here were the main moves during the pre-market session, as of 7:20 a.m. ET:
S&P futures (ES=F): 3,273.00, up 8.25 points or 0.25%
Dow futures (YM=F): 28,852, up 75 points or 0.26%
Nasdaq futures (NQ=F): 9,013.25, up 35 points or 0.39%
Crude oil (CL=F): $59.03 per barrel, down $0.01 or 0.02%
Gold (GC=F): $1,554.20 per ounce, down $5.90 or 0.38%
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