U.S. stock futures rallied on Sunday night, and oil prices declined amid a pause in fighting between the U.S. and Iran over the weekend. Dow Jones Industrial Average futures rose by 244 points, or 0.5%. S&P 500 futures gained 0.6%, while Nasdaq 100 futures advanced 1.2%.
In Asia, Japan's Nikkei 225 added 0.24% while the Topix rose 0.60%. The Kospi advanced 0.44%, while the small-cap Kosdaq was 1.49% higher. Australia's benchmark S&P/ASX 200 was up 0.97%.
Oil prices slid after Iran said it would suspend attacks as long as a U.S. pause on fighting also holds. International benchmark Brent crude futures fell more than 5% to around $92 a barrel. U.S. West Texas Intermediate crude futures dropped 5% to roughly $85 a barrel.
U.S. equities are coming off yet another losing week, as a pullback in chip stocks and uncertainty over the war with Iran weighed on investors. On Friday, the S&P 500 and the Nasdaq slid 0.6% and 2.1%, respectively, posting back-to-back weekly losses.
The week ahead will have no shortage of challenges for the major averages. A succession of quarterly reports from Amazon, Apple, Meta Platforms, and Microsoft will either soothe investor fears or add to them.
The Fed will make its latest decision on interest rates on Wednesday.
