S&P 500 set for muted open as Trump brands Iran offer 'totally unacceptable'

A muted unfastened for Wall Street has been predicted connected Monday aft lipid prices jumped aft President Trump dismissed Iran’s latest counter-proposal connected a Middle East bid woody arsenic "totally unacceptable".

Dow Jones futures were down 0.1%, portion S&P 500 and Nasdaq 100 futures were adjacent flatter.

It could beryllium that investors are reluctant to marque ample moves up Trump’s travel to China aboriginal this week.

WTI crude lipid prices pushed 3% higher to $98.40 a tube aft hopes for renewed US-Iran negotiations faded implicit the weekend.

Last week determination had been optimism that Washington and Tehran were adjacent to agreeing a one-page model for caller talks.

Iran’s counter-offer reportedly demanded an extremity to the struggle crossed the region, the lifting of sanctions, reparations, sovereignty implicit the Strait of Hormuz and the merchandise of frozen assets.

David Morrison, expert astatine Trade Nation, said “it looks improbable that overmuch volition happen” earlier Trump meets Chinese President Xi Jinping aboriginal this week.

Meanwhile, Israeli Prime Minister Benjamin Netanyahu had reiterated that the struggle was “far from over”, portion Iran continued rocket and drone attacks against Gulf neighbours.

European markets were mixed successful aboriginal trade, with the FTSE 100 somewhat firmer portion the DAX and IBEX slipped and France’s CAC 40 fell much than 1%.

In Asia, South Korea’s semiconductor-heavy Kospi surged 4.3%, outperforming determination peers arsenic spot stocks continued to rally, portion the Nikkei 225 fell modestly and Chinese markets ended higher.

US equities ended past week strongly, extending a almighty technology-led rally. The S&P 500 climbed 2.3% implicit the week portion the Nasdaq Composite jumped 4.4%, marking a sixth successive week of gains for some indices.

Semiconductor shares continued to dominate, with Micron Technology and AMD some up much than 130% since the extremity of March, portion Intel has rallied 215% implicit the aforesaid period.

Corporate net person besides continued to enactment sentiment. According to FactSet, 89% of S&P 500 companies person present reported results, with 84% beating net forecasts and 80% topping gross expectations.

Year-on-year net maturation is tracking conscionable beneath 28%, which would people the strongest gait since the rebound from pandemic shutdowns successful precocious 2021.

Looking ahead, net are owed from the likes of Simon Property, Oklo, Cisco, Tencent, Alibaba and Under Armour.

Key US information this week volition centre astir inflation, with CPI connected Tuesday and PPI connected Wednesday. Home income are apical of today's macro watchlist.