Pre-Market Update: US Stock Futures Dip as Trump Rejects Iran Peace Proposal

TLDR

• Trump called Iran’s revised peace proposal “totally unacceptable” on Truth Social
• S&P 500 and Nasdaq 100 futures fell slightly; Dow futures were flat in pre-market trading
• Oil prices surged, with Brent crude climbing 3.3% to $104.60 and WTI up 3.8% to $99.09
• Bitcoin was up 0.1% to $80,801; Gold dropped 1% to $4,684 an ounce
• Tuesday’s consumer price inflation data will be closely watched for war-related price impacts

US stock futures paused Monday morning after President Trump rejected Iran’s latest peace proposal, pushing oil prices sharply higher and giving investors reason to pull back slightly.

Futures on the Dow Jones Industrial Average were largely flat. The S&P 500 and Nasdaq 100 futures each dipped around 0.1% in pre-market trading.

E-Mini S&P 500 Jun 26 (ES=F)

This comes after a strong run for Wall Street. Both the S&P 500 and Nasdaq closed at record highs on Friday, each posting six-week winning streaks. The Dow lagged behind due to its heavier weighting in banks and industrials and lighter exposure to tech stocks.

Iran had reportedly delivered a revised proposal to US negotiators calling for an end to the conflict and the removal of sanctions. Trump rejected it sharply on Truth Social, writing: “I don’t like it—TOTALLY UNACCEPTABLE!”

“I have just read the response from Iran’s so-called ‘Representatives.’ I don’t like it — TOTALLY UNACCEPTABLE! Thank you for your attention to this matter.” -President DONALD J. TRUMP pic.twitter.com/MIQDS9Ujjy

— The White House (@WhiteHouse) May 10, 2026

The rejection rattled oil markets. Traders are now pricing in a longer disruption to shipping through the Strait of Hormuz. Brent crude rose 3.3% to $104.60 a barrel. West Texas Intermediate climbed 3.8% to $99.09 a barrel.

Oil and Inflation in Focus

Rising oil prices are feeding concerns about broader inflation. Tuesday’s consumer price index report will be a key test for Wall Street, showing whether higher energy costs are working their way into the wider economy.

Producer price data is also due this week. Together, these reports will give investors a clearer picture of how the ongoing conflict is affecting prices on the ground.

The 10-year Treasury yield rose 3 basis points to 4.39%. Goldman Sachs also pushed back its forecast for Federal Reserve rate cuts, citing higher inflation expectations.

In currencies, the dollar edged up 0.1% against a basket of peers. Gold fell 1% to $4,684 an ounce as investors weighed oil-driven inflation risks.

Crypto Holds Steady

Bitcoin was up 0.1% at $80,801 over the past 24 hours, a modest move for the largest cryptocurrency. XRP and Solana also saw gains. Crypto legislation is expected to be in focus this week, which analysts say could create division in the industry.

Chip stocks continued to rally, with Intel and Micron among the names moving higher. The AI investing theme has been a key driver of the broader market rally in recent weeks.

Earnings from Fox, Barrick Mining, and Constellation Energy are due before the market open Monday.

Strong jobs data from Friday’s nonfarm payrolls report gave markets a boost heading into the week, though the Iran situation has added a layer of caution to the open.

Robert Edwards, chief investment officer at Edwards Asset Management, said the market has been supported by strong earnings, big tech leadership, and a resilient labor market, even as geopolitical risk remains.

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