Today's stock market: traders assess the risk of a Middle East upgrade, U.S. futures prices rise

• U.S. futures rose ahead of the closing bell as investors looked ahead to an uncertain week.

• Prices of Brent crude and gold fell after a surge later in the week triggered by expectations of an Iranian attack on Israel.

• Goldman Sachs will release its first-quarter financial results on Monday.

U.S. stocks rose ahead of Monday's opening bell as investors cautiously awaited Israel's reaction to Iran's weekend missile attack.

Futures on the S&P 500 rose 0.51%, while futures on the Nasdaq Resonance 100 rose 0.54%. Futures on the Dow Jones Industrial Average rose 0.32%, recouping some of last week's losses, which saw the Dow drop 475 points, its biggest loss of the year so far.

The price of Brent crude oil was down 0.92% before the close of the day, but remained close to the $90 mark. On Friday, oil prices spiked to a high of over $92 a barrel on reports that Israel was defending itself against a potential direct attack from Iran. Oil prices fell over the weekend as Israel defended itself against Iranian missiles and drone attacks.

Following the weekend's news, gold continues to prove its worth as a safe-haven asset amidst geopolitical uncertainty, with prices still near all-time highs. Although the price of gold was down 0.24% on Monday morning, it is still trading above US$2,300 per ounce.

Bitcoin fell sharply over the weekend, but bounced back on Monday morning, rising 3.5%.

Markets stabilized as world leaders called for resonance and U.S. President Joe Biden issued a statement that the U.S. would not participate in a counterattack against Iran.

But developments in the Middle East will continue to be the focus of investor attention this week. If the conflict intensifies, higher oil prices could increase inflationary pressures, and geopolitical shocks could hurt economic growth. However, some analysts say that these developments may also make the Fed cut interest rates earlier.

"As investors brace for further surprises, and as tragic events continue to unfold, it remains important to focus on the long-term outlook over short-term uncertainty. The impact of a surprise is devastating, but history does show that volatility in financial markets is relatively short-lived," said Susannah Streeter of Hargreaves Lansdown in a morning report.

Goldman Sachs is scheduled to release its earnings report on Monday morning, as well as last month's retail sales data.

Later this week, Morgan Stanley, Bank of America and BlackRock will release their quarterly earnings reports, and policymakers, including Federal Reserve matron Jerome Powell, will comment.

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