U.S. Stocks May Extend Yesterday's Rebound In Early Trading

(RTTNews) - Following the significant rebound seen in the previous session, stocks may see further upside in early trading on Tuesday. The major index futures are currently pointing to a higher open for the markets, with the S&P 500 futures up by 0.3 percent.

The upward momentum on Wall Street comes as traders attempt to shrug off the ongoing volatility in the price of crude oil due to the escalating conflict in the Middle East.

Crude oil for April delivery is surging by more than 2 percent on the day after plunging by more than 5 percent during Monday's trading.

The rebound by the price of crude oil comes after Iran launched a series of attacks on the United Arab Emirates, targeting Dubai's international airport and the Fujairah oil port, marking a sharp escalation in the ongoing conflict.

A drone attack has sparked a fire at the Fujairah Oil Industry Zone in the UAE, but reports suggest that there were no casualties. The energy facility is located about 93 miles east of Dubai.

Loud explosions and air defense interceptions were reported across the UAE, Saudi Arabia and Qatar today as the U.S.-Israel war with Iran entered day 18.

The Israeli military said it had begun a "wide-scale wave of strikes" across Iran's capital and was also stepping up strikes on Iran-backed Hezbollah targets in Lebanon.

Meanwhile, several U.S. allies, including Germany, Spain, Italy, Australia and Japan have declined President Donald Trump's request to secure the Strait of Hormuz, a vital artery for a fifth of global energy shipments.

After moving notably lower over the past few sessions, stocks showed a strong move back to the upside during trading on Monday. The major averages all moved notably higher, with the tech-heavy Nasdaq leading the way.

The major averages ended the day off their highs of the session but still sharply higher. The Nasdaq surged 268.82 points or 1.2 percent to 22,374.18, the S&P 500 jumped 67.19 points or 1.0 percent to 6,699.38 and the Dow advanced 387.94 points or 0.8 percent to 46,946.41.

In overseas trading, stock markets across the Asia-Pacific region turned in another mixed performance on Tuesday. Japan's Nikkei 225 Index edged down by 0.1 percent and China's Shanghai Composite Index slid by 0.9 percent, while South Korea's Kospi jumped by 1.6 percent.

Meanwhile, the major European markets have all moved to the upside on the day. While the German DAX Index is up by 0.6 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index are both up by 0.8 percent.

In commodities trading, crude oil futures are jumping $2 to $95.50 a barrel after plunging $5.21 to $93.50 a barrel on Monday. Meanwhile, after tumbling $59.50 to $5,002.20 an ounce in the previous session, gold futures are rising $20.40 to $5,022.60 an ounce.

On the currency front, the U.S. dollar is trading at 159.03 yen compared to the 159.06 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is trading at $1.1521 compared to yesterday's $1.1503.