US stock futures rose Sunday evening as markets reacted to fresh developments in the Strait of Hormuz as the US administration launched ‘Project Freedom’.
Futures linked to the S&P 500 (ES=F) ticked up 0.2%, while Nasdaq 100 futures (NQ=F) edged up 0.1%. Contracts tied to the Dow Jones Industrial Average (YM=F) gained about 0.2%.
The muted overnight move follows a strong finish to last week. Both the S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) closed at record highs on Friday, rising 0.3% and 0.9%, respectively. The Dow Jones Industrial Average (^DJI) lagged, falling 0.3%.
Geopolitics remain in focus after Donald Trump announced a new initiative dubbed “Project Freedom” in a Sunday post, aimed at assisting cargo ships stranded by the closure of the Strait of Hormuz. The plan, expected to begin Monday, would involve US efforts to help vessels and crews from non-involved nations exit the region safely. However, details on how the operation would be executed were not provided.
The announcement came as tensions showed tentative signs of easing. Iran indicated Sunday it had received a US response to its latest peace proposal, following reports that a revised offer had been delivered via Pakistani intermediaries.
Looking ahead, markets are bracing for the week’s key economic data: the April U.S. jobs report, due Friday. Economists expect job growth to slow, with forecasts calling for 60,000 new positions compared with March’s 178,000. The unemployment rate is projected to hold steady at 4.3%.
On the corporate front, earnings from major semiconductor manufacturers Lattice Semiconductor Corporation (LSCC), Advanced Micro Devices (AMD) and Arm Holdings (ARM) will highlight the week. Investors will also look to results from Palantir (PLTR) and Paramount Skydance (PSKY).
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