U.S. stock futures moved lower Sunday night as oil prices jumped after President Donald Trump rejected Iran’s latest proposal to end the war, raising concerns that a prolonged conflict could fuel inflation. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 Index (SPX) were down 0.21%, 0.32%, and 0.25%, respectively, at 9:20 p.m. EDT on May 10.
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Iran 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!”
Following Trump’s comments, oil prices rose in overnight trading. Brent crude (CM:BZ) climbed 3.47% to about $104.74 per barrel, while WTI crude (CM:CL) gained 3.95% to around $99.19.
The moves come after a strong week for stocks. The S&P 500 and Nasdaq Composite gained more than 2% and 4%, respectively, and both posted their sixth straight week of gains for the first time since 2024. Meanwhile, the Dow rose 0.2% for the week and recorded gains in five of the last six weeks.
Stocks also ended Friday higher after the latest U.S. nonfarm payrolls report showed the economy added 115,000 jobs in April, well above economists’ expectations of 55,000. Both the S&P 500 and Nasdaq closed Friday at record highs.
This week, investors will closely watch the April consumer and producer price index reports for more clues on how the war could impact inflation. On the earnings side, D-Wave Quantum (QBTS), Oklo (OKLO), Alibaba (BABA), Nebius Group (NBIS), Cisco Systems (CSCO), Applied Materials (AMAT), and Virgin Galactic (SPCE) are among the key companies set to report results this week.