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Today Fundamental Analysis: Global stocks trade higher as oil prices continue to fluctuate

May 4, 2026, 08:15

U.S. stock futures were mostly higher today as investors monitored Middle East developments and ongoing market momentum. S&P 500 and Nasdaq 100 futures rose slightly, while Dow Jones Industrial Average futures dipped. On Friday, markets were strong, with the S&P 500 and Nasdaq reaching record highs, supported by strong earnings.

Oil prices were mixed and volatile as markets reacted to geopolitical developments around the Strait of Hormuz and tensions between the U.S. and Iran. Brent crude traded slightly lower. On the supply side, OPEC+ agreed to increase production by 188,000 barrels per day, partially offsetting supply concerns.

Geopolitics remain a key driver as Prsident Trump announced “Project Freedom” to help ships stranded in the Strait of Hormuz.

Strong corporate earnings, especially from major tech companies, continue to support bullish sentiment. The AI theme remains dominant, attracting investor flows. The U.S. April jobs report is expected to show a sharp slowdown in job growth, which could impact market direction.

South Korean stocks climbed to a new record on Monday, continuing momentum after a strong April, as investors balanced geopolitical tensions with signs of stability in global trade routes.

Gold is trading lower below $4,600, pressured mainly by rising expectations of higher interest rates. Investors believe Middle East tensions, especially around the Strait of Hormuz, could fuel inflation, pushing central banks like the Federal Reserve toward a more hawkish stance, which reduces the appeal of non-yielding assets like gold.

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