June S&P 500 E-Mini futures (ESM26) are trending down -0.02% this morning, swinging between gains and losses as investors cautiously await key U.S. inflation data to gauge the impact of higher oil prices stemming from the Middle East conflict.
Investors also await talks between the U.S. and Iran for indications that the fragile truce can hold. The U.S. and Iran are scheduled to begin talks in Pakistan this weekend, with Vice President JD Vance heading the U.S. delegation. President Trump said he was “optimistic” about reaching a deal with Iran, even as he threatened Tehran over imposing fees in the Strait of Hormuz, where there has been little indication of a significant increase in traffic since the truce began. The price of WTI crude rose on Friday but stayed below $100 a barrel.
