CNBC Daily Open: Will America open another front in the Middle East? Trump is considering

Hello, this is Justina Lee writing to you from Singapore. Welcome to another edition of CNBC's Daily Open.

U.S. President Donald Trump is considering wading into another conflict, as Iran-backed Houthis target Saudi Arabia.

Investors are looking ahead to the earnings season with U.S. big banks set to report results Tuesday, with focus also on the International Monetary Fund and World Bank's annual meetings, which could offer clues to the global financial outlook.

The Middle East conflict continues to heat up after a deadly attack on Riyadh's main airport by Tehran-backed Houthis in Yemen. This development could also draw the U.S. deeper into the regional conflict.

U.S. President Donald Trump said he was considering joining Saudi Arabia in its retaliation against the Houthis. The kingdom requested "urgent defense support" from the U.S. following the attacks, two Saudi Arabian government officials told MS NOW.

"We may [back Saudi]. We're going to look at it," Trump told reporters.

That could further complicate the possibility of a lasting resolution to the end of the Mideast war. On Saturday, Russian state media reported that President Vladimir Putin conveyed Tehran's message for a possible end to the war in Iran to Trump.

Over in Europe, traders are keeping a close watch on the Ukraine conflict, with Trump declaring an "energy ceasefire" between Russia and Ukraine — but it's unclear whether either side has agreed to a truce. The two countries have been trading blows on energy infrastructure. While there have been ceasefires between the two nations since Russia invaded Ukraine in 2022, they have been difficult to hold.

Further, Ukrainian President Volodymyr Zelenskyy has also reportedly pushed back on Trump's call for a new president in Ukraine, stating that only Russia was responsible for the war in his country. His response came after Trump blamed him for high diesel prices.

Moving over to the financial markets: futures for the S&P 500 were little changed, as investors look forward to a busy week with major banks including Bank of America, Citigroup, Goldman Sachs set to kick off the earnings season. Nasdaq 100 futures rose 0.24%. Dow Jones Industrial Average futures were flat.

Meanwhile, the International Monetary Fund and the World Bank kick off their annual meetings in Bangkok, Thailand on Monday, drawing thousands, including finance ministers, central bankers, business leaders and asset managers, for a week of talks on the global economy and the strength of the world's financial system.

CNBC will be on the ground at the Queen Sirikit National Convention Center, with interviews with Thai Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas on Monday; Kattiya Indaravijara, CEO of Kasikornbank, one of Thailand's largest lenders on Tuesday; and many more to come throughout the week.

The IMF is set to release its World Economic Outlook and Global Financial Stability Report on Tuesday as part of the annual meetings. Investors will also be watching closely for a conversation featuring Federal Reserve Chair Kevin Warsh on Friday.

— CNBC's Anniek Bao also contributed to this newsletter.