Trump Comments Lift Futures, Oil Slumps; Fed Looms

This market shift occurred during a week of extreme crude price volatility, with swings exceeding $30 a barrel in single sessions, scrambling expectations for growth, inflation, and interest rates ahead of the Federal Reserve's March 17-18 meeting. Travel stocks American Airlines and Delta each picked up over 1% before the bell, while Occidental Petroleum slipped 2.5%.

Hewlett Packard Enterprise (HPE) raised its 2026 adjusted EPS outlook and predicted second-quarter revenue between $9.6 billion and $10.0 billion, exceeding analyst expectations, driven by double-digit order growth across all segments, as reported by Reuters. Oracle is set to release its earnings after the bell.

Upcoming economic data includes February existing-home sales on Tuesday, CPI numbers on Wednesday, and the Fed's favored PCE inflation read on Friday. Geopolitical risks persist, with Iran's Revolutionary Guards threatening to halt oil shipments from the Strait of Hormuz, which handles close to 20% of global oil flows, a scenario Aramco boss Amin Nasser warned would have "catastrophic consequences," according to Reuters.

European and Asian markets also advanced, with the STOXX 600 up 2.2% and the MSCI Asia-Pacific index gaining 3.3%, though City Index's Fiona Cincotta cautioned markets remain "headline driven."