Wall Street Likely To Open On Firm Note

(RTTNews) - Notably higher futures and easing concerns about inflation following a sharp fall in oil prices point to a positive start for U.S. stocks Monday morning.

The Dow futures are up 0.9%, the S&P futures are up 0.72% and the Nasdaq futures are rising 1.1%.

Oil prices fell sharply this morning amid hopes for diplomatic progress to ease tensions in the Middle East at this week's UN meeting.

Ahead of a crucial meeting between U.S. President Trump and Gulf-state leaders on the sidelines of the United Nations General Assembly, Trump warned Iran that it would fail economically or face its leadership being wiped out if it didn't make a deal.

Trump indicated potential for a meeting with Iranian President Masoud Pezeshkian in New York, adding that very big things could happen soon and he is in a "deciding mode" on military action, continued economic pressure or a deal.

Wall Street closed mixed on Friday after stocks fluctuated over the course of the trading session, and the major averages swung back and forth across the unchanged line.

The Nasdaq climbed 104.25 points or 0.4% to 26,522.55 and the S&P 500 rose 12.74 points or 0.2% to 7,650.50, but the Dow dipped 95.40 points or 0.2% to 51,682.64.

For the week, the Nasdaq advanced by 0.7%, the S&P 500 edged down by 0.1% and the Dow slumped by 1.7%.

Overall trading activity remained somewhat subdued, however, as some traders took a step back to assess the outlook for the markets following recent volatility.

In overseas trading, Asian stocks closed broadly higher on Monday as oil extended declines on hopes of a diplomatic path to de-escalate the U.S.-Iran war. Regional volumes, however, were thin as Japanese markets remained closed for a three-day holiday weekend ending September 23. European stocks are notably higher on Monday as inflation concerns eased following a sharp drop in oil prices amid hopes for diplomatic progress on the Middle East issue at this week's UN meeting.

The major European markets, U.K., Germany and France are all notably higher with their benchmarks FTSE 100, DAX and CAC 40 rising 0.9%-1.1%.

West Texas Intermediate Crude oil futures are down $2.49 or 2.47 percent at $97.81 a barrel. Gold futures are down $31.30 or 0.71 percent at $4,393.60 an ounce.