Dow futures are pointing to a higher open on Monday, and that could mean that the stock index will break the all-time closing high it set last October.
At Friday’s close, the Dow was 0.4%, or 109 points off its record.
Dow futures are up 0.2%, while those for the S&P 500 and the Nasdaq Composite are 0.2% and 0.3% higher. The S&P hit closing record Thursday.
The Dow could be “thousands of points” higher, if the “Fed had gotten it right,” according to tweet by President Donald Trump. The president has long criticized the Federal Reserve for raising interest rates, which he believes poses a hurdle to US growth.
Stocks seem unfazed by the heightened tensions between the United States and Iran on Monday morning. Washington is expected to announce new sanctions against Iran, which Trump tweeted about over the weekend. Last week, Iran downed a US drone in international air space.
The Middle Eastern tensions are keeping oil prices higher.
Last week, US oil futures jumped more than 9%. Early Monday, futures are up 0.6%, at $57.77 a barrel. In a tweet, Trump said although many countries relied on oil from the region, “we don’t even need to be there in that the U.S. has just become (by far) the largest producer of Energy anywhere in the world!”
Gold remains a hot commodity. Geopolitical worries, paired with a weaker US dollar, are giving the safe haven metal a significant boost. After rallying more than 4% last week, gold futures are up 1% at 1,409.70 an ounce.
Gold breached the $1,400 level late last week, marking a near six-year high.
For the week ahead, it will be all about the G20 summit in Japan for market watchers, as Trump and Chinese President Xi Jinping are set to meet and talk trade on the sidelines of the summit.
Even if no deal is reached immediately, their meeting could set the tone for the next phase of the trade spat.
