Invesco QQQ Trust Rises 1.6% as Strait of Hormuz Reopens, Oil Slides
QQQ•QQQ•QQQ•QQQ•Nasdaq 100 futures jumped 1.6% as Dow futures rose 0.73% and S&P futures gained nearly 1% after the U.S. and Iran signed a deal to reopen the Strait of Hormuz. Invesco QQQ Trust shares traded in the green as oil prices declined sharply on resumed Strait flow expectations.
After more than 16 weeks of closure, the U.S. and Iran reached a formal agreement to lift the naval blockade and reopen the Strait of Hormuz on Friday, restoring a critical route handling roughly 20% of global oil shipments.
Nasdaq 100 futures surged 1.6%, while Dow and S&P futures rose 0.73% and nearly 1% respectively as of 8:46 p.m. ET, driving Invesco QQQ Trust shares into positive territory ahead of Monday’s open.
Crude benchmarks dropped sharply as markets priced in resumed tanker traffic through the Strait, projecting an increase in Middle East supply that eased previous output constraints.
