U.S. equity-index futures fluctuated between gains and losses, as crude oil surged above $76 per barrel and investors weighed the potential for a more hawkish tilt at the Federal Reserve and worsening OPEC+ tensions over oil production.
Contracts on the S&P 500 Index ended little-changed after the benchmark index notched up another record on Friday. West Texas Intermediate crude rose for the fourth time in five days after the oil-exporters club called off another meeting to discuss United Arab Emirates’ opposition to an extension of output increase. News related to corporate deals buoyed European stocks.
The U.S. jobs report Friday signaled the economy is gaining steam but not at a pace that would prompt the central bank to taper stimulus quickly. Fed watchers awaited June Federal Open Market Committee meeting minutes due Wednesday to gauge how far divisions among members have widened on the tapering time line. U.S. stock and bond markets remain closed for the July 4 Independence Day holiday.