US futures jump as Iran talks lift Dow, Nasdaq, S&P

US stock futures rose Monday even as U.S. cash markets were closed for Memorial Day, after reports that Iran’s top negotiator and foreign minister traveled to Doha and Tehran and that Tehran may send highly enriched uranium to China. The reports pushed Dow futures to 51,000, Nasdaq futures toward 30,000 and S&P 500 futures above 7,500.

The diplomatic reports increased demand for risk assets in a shortened futures session. Traders pushed index futures to fresh highs before pulling back modestly as momentum cooled and some participants booked profits ahead of regular trading hours.

An OANDA market analyst provided intraday technical levels for the indexes. The analyst reported Dow futures topped 51,000, with resistance between about 51,100 and 51,200 and a next target near 51,500. Short-term support was cited at 50,800–50,900, with prior all-time-high resistance around 50,400–50,500 now acting as a pivot. Key downside levels were noted near 49,000–49,100, with further momentum support around 48,500 and a mid-term pivot near 48,000.

The analyst said Nasdaq futures approached the 30,000 threshold, with new all-time resistance between 29,850 and 30,000 and daily highs near 29,932. Intraday pivot support was listed at 29,500–29,600, momentum pivots at roughly 29,100–29,250, and larger supports around 28,500 and 28,000.

S&P 500 futures extended gains above 7,500, with daily all-time resistance in the 7,550–7,557 area and a potential next target near 7,600. Short-term support markers were identified at about 7,525 and 7,450–7,460, with 7,400 noted as a key support level and a pivotal zone between 7,250 and 7,260.

Market participants said they will watch diplomatic developments and commodity prices, including oil, when U.S. markets reopen after the holiday to see whether the futures gains hold in regular trading. The technical commentary was provided by a market analyst at OANDA and presented for information.