Stock futures were little changed in overnight trading Monday as investors weighed signs of progress toward reopening the Strait of Hormuz against lingering doubts that the U.S. and Iran can reach a broader resolution to the conflict.
Futures tied to theDow Jones Industrial Averagewere down 24 points.S&P 500 futureswere flat, whileNasdaq 100 futuresinched up 0.1%.
The moves came after theS&P 500finishedMondaylittle changedas uncertainty over the Middle East conflict continued to hang over markets.
Iran has said it is closing in on a deal with Oman to reopen the Strait of Hormuz, but Tehran has continued to resist direct negotiations with the U.S. until several conditions are met.
Iranian Foreign Minister Abbas Araghchi said Sunday there was "no possibility of restarting negotiations" as long as the U.S. continues violating the June memorandum of understanding and does not compensate Iran for those violations, according to the semi-official Tasnim News Agency.
Oil prices jumpedMonday as uncertainty over the conflict persisted. West Texas Intermediate crude futures settled 5.1% higher at $82.13 a barrel, while international benchmark Brent crude climbed 5% to $87.72.
Investors will next turn to a key batch of inflation data, with the July consumer price report due Wednesday and the producer price index out Thursday. The readings could prove particularly important aftera weak jobs reportcomplicated the Fed's outlook.
The inflation reports could put the Fed in a difficult position. Higher oil prices are renewing concerns about price pressures just as the sharp slowdown in hiring raises questions about the strength of consumer spending and the broader economy.
Stocks got a boost at the end of last week after the July employment report showed an unexpected contraction in nonfarm payrolls, raising expectations that the Fed could hold interest rates steady for longer. Fed funds futures traders now see roughly a 50% chance of a September rate hike, down from 67% a week earlier, according to CME Group'sFedWatch tool.
"The silver lining of a weaker July labor report is that it likely gives policymakers some breathing room to keep interest rates steady," said Brent Schutte, CIO at Northwestern Mutual Wealth Management Company. "We've seen the Federal Reserve favor the labor side of their mandate repeatedly over the last few years, so despite continued elevated inflation levels it would not be surprising if the Fed were to proceed with caution against hiking interest rates when the last two labor market readings have been somewhat weak."
On the earnings front, healthcare products company Cardinal Health and sneaker manufacturer On Holdings are slated to report earnings Tuesday morning. Results for Cava Group, CoreWeave and Super Micro Computer will be out in the afternoon.
Hims & Hers Health falls after posting a quarterly loss
Shares ofHims & Hers Healthslipped almost 6% after rising expenses pushed the telehealth company into asecond-quarter loss. The company reported a net loss of 37 cents per share, compared with net income of 17 cents per share, a year earlier.
The company raised its full-year revenue outlook, however.
Riot Platforms shares climb after quarterly report
Riot Platformsshares popped over 12% in extended trading after the crypto miner reported a 14% year-over-year increase in total revenue for the latest quarter.
The company also said it produced 1,587 bitcoin last quarter, compared to 1,426 during the same three-month period in 2025.
Plug Power shares jump 8% after strong results
Plug Powersaw shares jump 8% in extended trading after the electrical equipment manufacturing company posted a narrower-than-expected loss and stronger-than-expected revenue for the latest quarter.
The firm also said it aims to strengthen liquidity through additional non-dilutive financing initiatives this year, including unlocking the incremental proceeds for a $275 million total target through its data center asset monetization initiatives.
More In Daily Stock Market Live
Sign up for free newsletters and get more CNBC delivered to your inbox
Get this delivered to your inbox, and more info about our products and services.
Data is a real-time snapshot *Data is delayed at least 15 minutes.
Global Business and Financial News, Stock Quotes, and Market Data
and Analysis.
