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Persian Gulf, Oil Outlooks Damp Wall Street Pre-Bell, Asia, Europe Off

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Wall Street futures pointed lower pre-bell Monday after President Donald Trump said the US will block the Strait of Hormuz, following the collapse of peace talks between Washington and Tehran over the weekend.

In the futures, the S&P 500 fell 0.6%, the Nasdaq declined 0.6%, and the Dow Jones was off 0.5%.

West Texas Intermediate crude oil traded up 7.5% at $103.84 in morning action.

Goldman Sachs is slated to report Q1 results pre-bell, starting the earnings season. Financial titans JP Morgan Chase (JPM), Wells Fargo (WFC), Citigroup (C) and BlackRock (BLK) report earnings on Tuesday. Bank of America (BAC) and Morgan Stanley (MS) report results on Wednesday.

Netflix (NFLX), Johnson & Johnson (JNJ), PepsiCo (PEP), Abbott Laboratories (ABT), The Progressive (PGR), and Truist Financial (TFC) are among other blue chips reporting earnings this week.

For Q1, S&P 500 companies are expected to report year-over-year earnings growth of 12.6%, reported FactSet.

Asian exchanges traded mostly lower overnight, while European bourses tracked moderately south at midday on the continent.

On the economic calendar is the existing home sales report for March at 10 am ET.

Federal Reserve Governor Stephan Miran is slated to speak on Monday.

In pre-market action, Bitcoin traded at $70,798, and 10-year US Treasuries offered 4.33%. Spot gold commanded $4,715 an ounce.

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