Stocks pointed to a higher open Monday as markets enter the week on a four-week losing streak; Crude oil futures are sliding as President Trump cited "productive conversations" with Iran that followed an exchange of threats; Gold and silver futures are tumbling this morning, erasing their gains for the year; Tesla and SpaceX will build a new chip manufacturing facility in Texas, CEO Elon Musk confirmed over the weekend; and LaGuardia Airport is set to be closed for much of the day after a Sunday night crash killed two pilots when an Air Canada plane hit a fire truck.

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Stock futures are rising premarket Monday amid fresh optimism about the Iran war headed into a new week. Futures tied to the Dow Jones Industrial Average, S&P 500, and Nasdaq 100 were recently up 1.3%, 1.2%, and 1.1%, respectively. The major indexes sank on Friday to log a fourth straight week of losses, with the Dow and Nasdaq briefly entering correction territory before recovering Friday. President Donald Trump's Monday-morning comments reporting a five-day pause on attacks on energy infrastructure and "good and productive talks" encouraged investors before the open, reversing what had looked like a downward start to trading. Gold futures were down some 5% to around $4,300 an ounce, erasing much of the precious metal's rally to start the year. The 10-year Treasury yield, which influences interest rates for a range of consumer loans, was at 4.436%, down from its late-Friday level.

West Texas Intermediate futures, the U.S. crude oil benchmark, are trading under $90 a barrel, with Trump's latest statements following recent threats between the U.S. and Iran. Trump had said Saturday that if the Strait of Hormuz was not reopened by Monday night, the U.S. would bomb a number of power plants around the country. In response, Iran said it would attack other energy facilities in the region that supply power to U.S. military bases, and place mines across the Persian Gulf.

Gold and silver are tumbling, extending a recent pullback for the precious metals. Worries about the war's effect on oil prices have raised concerns about inflation across the economy, which if it picks up could motivate the Federal Reserve to keep rates steady or even raise them at upcoming meetings. Recently, gold and silver futures were down to aroud $4,300 and $69 an ounce, respectively, with each precious metal erasing their gains from earlier this year. Bitcoin is trading around $71,000 this morning.

Tesla (TSLA) and SpaceX will look to build a new facility, the "Terafab," that will manufacture semiconductors to be used across the companies' products, from Tesla's electric and potentially soon-to-be autonomous vehicles and humanoid robots, to SpaceX satellites. CEO Elon Musk said at an event Saturday that the companies face a dilemma of "either build the Terafab or we don’t have the chips," per The Wall Street Journal. Morgan Stanley analysts last week called building a chip fab a "Herculean task" that will take years and big spending. Tesla shares edging higher premarket.

A major U.S. airport will be closed for much of Monday after an Air Canada plane crashed into a fire truck on the ground at LaGuardia Airport in New York Sunday. The pilot and co-pilot of the plane were killed, and dozens of passengers and crew from the fire truck were taken to a hospital with injuries, according to The Associated Press. The airport will remain closed until at least 2 p.m. ET Monday as the accident is investigated. Travelers across the U.S. have faced long lines in recent days at security checkpoints with a shortage of Transportation Security Administration agents caused by the partial government shutdown impacting the Department of Homeland Security. Air traffic controllers are not impacted by the shutdown.

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