U.S. stock futures traded higher on Tuesday following a volatile prior session, as markets recovered from heavy selling triggered by dramatic oil price shifts.
As of 4:13 P.M. (GMT+7), Dow Jones Industrial Average futures edged up by 0.41%, or 196.40 points, to 47,937.30 points, while S&P 500 futures added by 0.44%, or 30.00 points, to 6,825.90 points. Nasdaq 100 futures also increased by 0.55%, or 136.70 points, to 25,103.90 points.
The recent turbulence in oil prices stemmed from remarks by President Donald Trump, who indicated the U.S. military operation in Iran could soon wind down and outlined measures intended to temper rising oil prices.
Following these statements, the oil market reacted swiftly, with West Texas Intermediate crude dropping to around $88 per barrel, retreating after an earlier surge past $119. Brent crude also relinquished gains, last trading near $87 per barrel.
Energy sector developments remain in focus as G7 energy ministers plan a virtual meeting today to evaluate the potential release of strategic petroleum reserves coordinated by the International Energy Agency.
Investors are also anticipating key U.S. economic data this week, with the February Consumer Price Index due Wednesday and the January Personal Consumption Expenditures price index expected Friday. Both are seen as important for further assessing inflation dynamics.
On the earnings front, Oracle is set to report its quarterly results Tuesday, while Adobe will announce earnings later in the week on Thursday.
