Stock futures rose on Tuesday following gains in the three major indexes. The S&P 500 added 1.02% on Monday, recovering losses since the onset of the Iran conflict. The producer price index for March is scheduled for release at 8:30 a.m. ET.
Market and Geopolitical Developments
- Iran Diplomacy: President Donald Trump stated that representatives from Iran have contacted the U.S. about making a deal. Vice President J.D. Vance said "the ball is in the Iranian court" following unsuccessful peace talks in Pakistan.
- Oil Prices: Oil prices declined after closing near $100 per barrel on Monday. The International Energy Agency warned that the Iran conflict could reduce global oil demand to its lowest level since the COVID-19 pandemic.
- Investor Sentiment: BlackRock raised its outlook for U.S. stocks, citing evidence that traffic through the Strait of Hormuz would resume and that the war's economic fallout would be contained.
Corporate Earnings
JPMorgan Chase
JPMorgan Chase reported first-quarter earnings and revenue that exceeded analyst expectations. The bank posted a 13% annual increase in net income and a 10% annual increase in revenue. Fixed-income trading revenue was 21% higher than the year-ago period, approximately $370 million above estimates. JPMorgan lowered its net interest income forecast for 2026.
Citigroup
Citigroup reported $24.63 billion in revenue for the quarter, its highest in a decade. Earnings per share increased 56% from a year ago.
Business Partnerships and Investments
Oracle and Bloom Energy
Oracle holds a warrant to purchase up to 3.53 million shares of Bloom Energy stock. The potential investment has gained more than $300 million in value. Bloom Energy shares rose more than 15% after the companies announced an expanded partnership, reaching $203 per share. Oracle has until October 9 to exercise the warrant. Oracle shares posted their largest single-day gain since September.
Political Developments
Representative Eric Swalwell (D-CA)
Representative Eric Swalwell announced he will resign from Congress amid allegations of sexual misconduct, which he denies. Swalwell suspended his campaign for California governor one day prior to the resignation announcement.
Representative Tony Gonzales (R-TX)
Representative Tony Gonzales announced plans to file for retirement. Gonzales acknowledged having an affair with a staffer who later died by suicide.
Both representatives faced potential expulsion measures.
National Republican Congressional Committee
The NRCC is launching a digital ad campaign focused on GOP-led tax breaks in competitive districts ahead of November's midterm elections.
Transportation
Delta Air Lines
Delta Air Lines revealed updated Delta One suites for some long-haul flights. The suites feature beds that are three inches longer than previous models with a new pillow-top cushion. They will be available on Delta's Airbus A350-1000 aircraft beginning in 2027.
Additional Information
- Social Media Post: President Donald Trump deleted an image from Truth Social that appeared to depict himself as Jesus. Trump stated he thought the image showed him as a Red Cross worker.