U.S. stock futures were pointing to another lower open on Wall Street on Monday, with Iran threatening retaliation for last week's deadly U.S. drone strike targeting Iran top general, Qasem Soleimani. On Friday, the Dow Jones Industrial Average broke a two-session winning streak on news that Soleimani was killed late Thursday in Iraq while he was leaving Baghdad airport. However, heading into Monday trading, the Dow was still less than 1% from record highs. Oil prices were more than 1% higher on Monday after soaring 3% on Friday on concerns over how escalating U.S.-Iran tensions may impact crude out of the Mideast.
The Iraqi parliament passed a measure calling for the government to expel foreign troops from the country following the Soleimani killing in Baghdad. In response, President Donald Trump threatened to impose sanctions on Iraq if it were to follow through on that resolution. "If they do ask us to leave, if we don't do it in a very friendly basis, we will charge them sanctions like they've never seen before ever. It'll make Iranian sanctions look somewhat tame," Trump told reporters on Air Force One.
The House of Representatives will introduce and vote on a war powers resolution this week to limit Trump's military actions regarding Iran, according a letter Speaker Nancy Pelosi sent to her Democratic colleagues. While such a resolution could win approval in the Democratic-controlled House, passage in the majority Republican Senate would be uncertain. On Sunday, the president said that a series of tweets over the weekend serve as sufficient notification to Congress that he would strike back against Iran if the Islamic Republic retaliates over the death of Soleimani.
Shares of embattled Dow stock Boeing were down about 1% in premarket trading after the U.S. aircraft giant and the FAA confirmed Sunday they're reviewing a wiring issue that could cause a short circuit on the 737 Max. The New York Times reported Boeing is reviewing whether two bundles of wiring are too close together. The Wall Street Journal said Boeing is considering plans to raise more debt to bolster its finances. The entire Max fleet was taken out of service around the world in March after two deadly crashes involving those jets within five months killed 346 people.
Several Wall Street firms raised their price targets on Apple on Monday, including Evercore to $315 per share and Needham to $350. Wedbush said it sees a bull case for Apple at $400, citing a 5G "super cycle." Needham actually downgraded its rating on Apple to a buy from a strong buy due to the stock surpassing the firm's previous price target. Apple shares closed Friday at $297. They are under pressure in the premarket, though only a few points off Thursday's all-time highs.
— Reuters and The Associated Press contributed to this report.