12/10/2026
US stock futures advanced following a pullback in crude oil prices, erasing earlier gains stoked by Houthi attacks on Saudi Arabia.
S&P 500 futures rose 0.3% and Nasdaq 100 futures gained 0.5%. Asian equities traded mixed. South Korea’s market reopened after a long weekend but ended lower, while Australian shares climbed. Japan’s bourse was closed for a public holiday.
Brent crude fell 1.2% to $103.40 a barrel, after earlier climbing above $105.50. Amid escalating hostilities across the Middle East, traders weighed US President Donald Trump’s remarks about a proposed “energy cease‑fire” between Russia and Ukraine.
Attacks over the weekend have introduced fresh volatility risks for markets. Inflation figures are due for release in the United States and Europe, alongside speeches by multiple central‑bank officials. Further disruptions to energy supplies could intensify price pressures and reinforce market expectations of higher interest rates.
In other commodity markets, gold extended its rally for a third consecutive trading day, breaking above $4,200 per ounce.
US Treasury futures erased early‑session losses and edged higher as oil prices declined. Cash Treasury trading was suspended owing to market holidays in Japan and the United States.
On the geopolitical front, Trump stated that the cease‑fire would take effect immediately. He made similar claims last month, yet Ukrainian President Volodymyr Zelenskyy noted that no final agreement had been reached.
Earlier on Monday, major Saudi airports came under attack and a fresh tanker assault took place near the Strait of Hormuz. These incidents heightened risks of dangerous regional escalation that could draw the United States into the conflict, spurring an initial jump in oil prices.
Traders are closely watching this week’s US September Consumer Price Index (CPI) release and remarks by Federal Reserve Chair Kevin Walsh for clues on the pace of further interest‑rate hikes. Stronger‑than‑expected inflation data could reignite the recent bond sell‑off and force the Fed to pursue more aggressive tightening.
Last week, the 10‑year US Treasury yield neared 5.4%, its highest level since 2002.
Equities have generally weathered market turbulence. The S&P 500 hit an all‑time high on Tuesday before falling for two straight sessions on worries over AI‑related demand. It rebounded on Friday as investors priced in expectations for another strong earnings season and remains near record levels.
Investors are assessing whether elevated bond yields, by driving up borrowing costs worldwide, could shoulder part of the heavy tightening burden for global central banks.
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