Stock futures traded lower on Monday morning amid uncertainty over the negotiations between the U.S. and Iran. Oil prices rose amid continued tensions in the Middle East. Futures on the Nasdaq 100 (NDX), the S&P 500 Index (SPX), and the Dow Jones Industrial Average (DJIA) were down 0.07%, 0.12%, and 0.14%, respectively, at 8:27 a.m. EDT on May 11.
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Trade QQQ with leverageIran reportedly sent a new proposal to the U.S., calling for an end to the conflict and the lifting of sanctions on Tehran. However, Trump rejected the offer in a Truth Social post, calling it “TOTALLY UNACCEPTABLE!”
At the time of writing, Brent crude (CM:BZ) rose 3% to about $104.34 per barrel, while WTI crude (CM:CL) gained 3.3% to $98.55.
Last week, the S&P 500 and Nasdaq Composite rose more than 2% and 4%, respectively, each posting its sixth consecutive week of gains for the first time since 2024. Meanwhile, the Dow Jones rose 0.2% for the week, recording gains in five of the last six weeks.
This morning’s trending stocks included shares of biotechnology company Moderna (MRNA), which rose about 9% after a U.S. citizen tested positive for hantavirus. Last week, Moderna announced that it was in the early stages of developing a vaccine for hantavirus. Also, Lumentum (LITE) shares jumped about 6% on news that the stock will join the Nasdaq 100 on May 18, replacing CoStar (CSGP).
Constellation Energy (CEG) stock advanced 2% in pre-market trading after the company reported better-than-expected revenue and earnings for the first quarter. Intel (INTC) stock was up more than 4%, continuing the post-earnings rally in the chipmaker.
This week, investors will focus on earnings from Rigetti Computing (RGTI), D-Wave Quantum (QBTS), Cisco (CSCO), and Under Armour (UAA), among others.