June S&P 500 E-Mini futures (ESM26) are down -0.09%, and June Nasdaq 100 E-Mini futures (NQM26) are up +0.06% this morning as investors refrain from making big bets at the start of a busy week featuring earnings from major tech names, the Federal Reserve’s interest rate decision, and a raft of U.S. economic data.
Market participants are also keeping an eye on developments in the Middle East. The price of WTI crude rose over +2% on Monday as the Strait of Hormuz remained largely closed. President Trump on Saturday told his son-in-law Jared Kushner and special envoy Steve Witkoff to skip the trip to Pakistan, and later told reporters that Iran “offered a lot, but not enough.” Mr. Trump also said that Iran reacted swiftly to his decision to call off the trip by U.S. envoys. “Interestingly, immediately, when I canceled it, within 10 minutes, we got a new paper that was much better,” he said, without providing further details. Axios reported on Monday that Iran presented the U.S. with a new proposal to reopen the strait and bring the war to an end, with nuclear negotiations deferred to a later phase.
