5 Things to Know Before the Stock Market Opens

• WTI crude oil jumped 5.6% to $101.80 per barrel as Iran peace talks were delayed and the Strait of Hormuz remains closed, marking the first time above $100 in three weeks
• The Federal Reserve begins its two-day policy meeting today, likely Chair Jerome Powell's last before his term expires next month, with soaring fuel prices threatening both inflation control and employment goals
• Major tech stocks including Oracle and CoreWeave fell about 7% premarket after reports that OpenAI missed revenue targets and executives questioned its timeline to go public this year

Market Summary: Tech Under Pressure, Oil Surges Above $100

Market Overview:

Stock futures opened mixed Tuesday, with S&P 500 futures down 0.6% and Nasdaq futures declining 1.2%, while Dow futures gained 0.2%. Both the S&P 500 and Nasdaq closed at record highs Monday. The 10-year Treasury yield rose to 4.37%, its highest level in a month. Bitcoin fell to $76,200 from Monday's $79,500 high, while gold dropped 2.5% to $4,575 per ounce.

Oil Breakthrough:

WTI crude oil surged 5.6% to $101.80 per barrel, trading above $100 for the first time in three weeks. The rally comes amid uncertainty over Iran peace talks and the continued closure of the Strait of Hormuz. President Trump extended the U.S.-Iran ceasefire, but planned weekend negotiations were scrapped. Iran proposed reopening the Strait while delaying nuclear program discussions, a deal the White House appears unlikely to accept.

Federal Reserve:

The Fed begins its two-day policy meeting Tuesday, likely Chair Jerome Powell's last before his term expires next month. Trump nominee Kevin Hassett is undergoing Senate confirmation. The Fed faces dual challenges from Iran war-driven inflation through soaring fuel prices and potential employment slowdown. No rate change is expected this week.

Earnings Season:

Major companies reporting today include Coca-Cola, General Motors, Spotify, UPS, Visa, T-Mobile, and Starbucks. Tech earnings begin Thursday with Alphabet, Meta Platforms, Microsoft, and Apple reporting after market close.

Tech Sector Pressure:

Tech stocks declined following a Wall Street Journal report that OpenAI missed internal revenue and user growth targets. Executives reportedly questioned the company's 2024 IPO timeline. OpenAI partners Oracle and CoreWeave fell 7% premarket, while AMD and Nvidia dropped 6% and 3%, respectively.