Stock futures are little changed this morning after major indexes posted big gains to start the week; crude oil prices are rising once again as the Strait of Hormuz remains closed; Israel said it has killed a top Iranian security official and launched operations in Lebanon as the Iran war expands; Federal Reserve officials will begin their two-day policy meeting amid expectations they’ll hold interest rates steady; and Nvidia opened its annual GTC event Monday with a speech from CEO Jensen Huang that laid out Nvidia’s efforts beyond AI chips. Here’s what you need to know today.
Stock Futures Hold Steady After Monday’s Big Gains
Stock futures are near unchanged on Tuesday while oil prices are rising once again. Futures tied to the Dow Jones Industrial Average and S&P 500 were fractionally higher in recent trading, while Nasdaq futures ticked lower. Crude oil futures, meanwhile, rose more than 2%, though were off earlier highs (more on that below). The major indexes, which had lost ground for the three previous weeks coming into this week, posted gains on Monday as oil prices retreated from recent highs fueled by concerns about the impact of the Iran war. Gold futures ticked higher to $5,010 an ounce this morning, while bitcoin was little changed at around $74,100. The yield on the 10-year Treasury note, which affects rates on a range of consumer loans, was down slightly ay 4.21%, losing ground for the second straight day after hitting their highest level in more than a month last Friday.
Oil Climbs as Strait of Hormuz Remains Blocked
Crude oil futures are back on the rise Tuesday after recording a rare day of declines for the commodity since the onset of the Iran war. West Texas Intermediate futures, the U.S. crude oil benchmark, were up 2.3% at $95.70 per barrel in recent trading. Oil prices are up more than 40% since the U.S. and Israel launched attacks on Iran on Feb. 28. On Monday, several countries the U.S. has approached about forming a coalition of Navy ships to help escort oil tankers through the Strait of Hormuz said they had declined to participate. Germany, Japan, and Australia have each either declined or indicated they would be unlikely to help with the plan, The Wall Street Journal reported Monday.
Israel Says Iranian Security Official Was Killed
Israel said early Tuesday that it had confirmed the death of Iranian security chief Ali Larijani as a result of recent strikes from the U.S. and Israel in Tehran. Among other developments related to the war, Iran attacked a number of locations in Iraq, including strikes near the U.S. embassy in Baghdad, and President Trump said a trip to China in early April would likely be delayed if the war is still going on. The Israeli military has also launched operations in the neighboring country of Lebanon to attack the Iran-backed military group known as Hezbollah.
Fed Set to Begin Two-Day Meeting on Rates
The Federal Reserve’s policy committee is set to begin two days of deliberations, ahead of an announcement Wednesday on interest rates and a highly anticipated press conference with Fed Chair Jerome Powell. The Fed is widely expected to hold its key rate steady for the second straight meeting, after three consecutive cuts at the end of 2025. Investors will be eager to hear what Powell has to say about the outlook for the U.S. economy as the recent surge in oil prices threatens to spark inflation and weigh on economic activity broadly. Market expectations for the Fed to cut rates at some point this year have fallen significantly since the Iran war began.
Nvidia CEO Unveils Huge AI Chip Revenue Target
Nvidia’s (NVDA) annual GPU Technology Conference started Monday, with CEO Jensen Huang delivering a keynote speech in which he announced massive revenue growth expectations and talked about opportunities beyond making chips used in data centers. Huang said Nvidia’s latest chips, Vera Rubin and Blackwell, could top $1 trillion in orders through the end of next year, and he showcased a range of software efforts to grow Nvidia’s AI capabilities. Nvidia is also looking to expand its reach in the self-driving vehicle space, announcing new and expanded partnerships with automakers including Hyundai, Kia and BYD, and with Uber Technologies (UBER), to use Nvidia’s software. Earlier this year, Huang announced that Nvidia’s autonomous driving software would power a Mercedes Benz car later this year. Nvidia shares, which have been sluggish so far in 2026 but are up more than 50% over the past 12 months, were little changed before the opening bell.
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