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Falling Oil Boosts Wall Street Pre-Bell; Asia Mixed, Europe Up

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Wall Street futures pointed moderately higher pre-bell Monday after President Donald Trump, over the weekend, suspended plans for military strikes on Iran and said a peace deal and reopening the Strait of Hormuz may be on the table.

In the futures, the S&P 500 rose 0.6%, the Nasdaq inclined 0.4%, and the Dow Jones was up 0.8%.

West Texas Intermediate crude oil traded down 6% at $79.58 a barrel, in morning action.

On the earnings front, Marriott International (MAR) plans to report results pre-bell, while Palantir Technologies (PLTR) and Vertex Pharmaceuticals are slated to release earnings after the market close.

Earnings reports are expected later this week from Advanced Micro Devices (AMD), Sandisk (SNDK), SpaceX (SPCX), Merck (MRK), Western Digital (WDC), ON Semiconductor (ON), Disney (DIS), McDonald's (MCD), Caterpillar (CAT), ConocoPhillips (COP), Eli Lilly (LLY), Gilead Sciences (GILD), Pfizer (PFE), Shopify (SHOP), and Uber Technologies (UBER), among others.

Investors also look forward to the Job Openings and Labor Turnover Survey, or JOLTS, bulletin on Tuesday from Washington, followed by the national employment situation report for July on Friday.

Asian exchanges traded unevenly overnight, with Japan's Nikkei 225 retreating on reports that Tokyo and Washington have entered into foreign-exchange markets to boost the value of the yen.

European bourses tracked moderately north midday on the continent.

On the economic calendar is the S&P Global US PMI manufacturing final for July at 9:45 am ET, followed by the ISM Manufacturing Index for July, and the construction spending bulletin for June, at 10 am.

In pre-market action, Bitcoin traded at $62,627, and 10-year US Treasuries offered 4.68%. Spot gold commanded $4,051 an ounce.

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