1 min read
US stock futures slipped Sunday evening after Wall Street wrapped up another strong week, while oil prices climbed as President Donald Trump dismissed Iran’s latest proposal aimed at ending the ongoing conflict.
Futures linked to the Dow Jones Industrial Average (YM=F) fell 156 points, or 0.3%. Contracts tied to the S&P 500 (ES=F) and Nasdaq 100 (NQ=F) each edged down about 0.2%.
The pullback follows a powerful rally across major indexes last week. Markets closed higher Friday after the April jobs report topped expectations. Nonfarm payrolls increased by 115,000, beating economists’ forecasts for 55,000 new jobs, according to Bloomberg estimates. Both the S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) finished the week at record highs.
Geopolitical tensions remained in focus after Iran reportedly delivered a revised proposal to US negotiators calling for an end to the prolonged conflict and the removal of sanctions on Tehran, according to Iran’s Tasnim news agency.
Trump pushed back sharply on the proposal in a Truth Social post, calling Iran’s response “totally unacceptable.”
Investors will now turn their attention to a fresh batch of economic data this week, including April consumer and producer inflation reports, looking to see how higher oil prices are feeding into broader inflation pressures. Earnings from companies including Fox (FOX), Barrick Mining (B) and Constellation Energy (CEG) are all on deck for before the market opens on Monday.
