U.S. stock futures drop amid concerns over the Middle East
S&P 500 Futures dropped 0.1% to 7,427.0 points, while Nasdaq 100 Futures dropped 0.3% to 29,330.0 points, while Dow Jones Futures were flat at 49,780.0 points
U.S. stock index futures turned slightly lower on Monday evening as concerns over a worsening Middle East war kept investors largely on edge.
Focus was also on upcoming consumer inflation data for more insight on the inflationary impact of the Iran war.
S&P 500 Futures dropped 0.1% to 7,427.0 points by 02:47 GMT. Nasdaq 100 Futures dropped 0.3% to 29,330.0 points, while Dow Jones Futures were flat at 49,780.0 points.
Futures retreated after the country’s stock market eked out record-high closes on Monday, aided by sustained strength in chipmaking stocks.
Focus this week is also on an upcoming summit between Chinese President Xi Jinping and U.S. President Donald Trump.
Local stock indexes closed at record highs on Monday, aided chiefly by strength in chipmaking stocks on sustained optimism over artificial intelligence.
Still, the sector now appeared to be losing steam after a stellar run-up in recent weeks.
The S&P 500 gained 0.2% to a record closing high of 7,412.87 points, the NASDAQ Composite added 0.1% to 26,274.13 points, while the Dow Jones Industrial Average advanced 0.2% to 49,704.34 points.
But bigger gains were limited after the U.S. president rejected Iran’s latest proposal to end the war.
The development pointed to little immediate de-escalation in the war, which recently crossed the two-month mark.
Consumer price index inflation data for April is due on Tuesday morning, and will be closely watched for more cues on the inflationary impact of the Iran war.
Headline CPI is expected to have picked up sharply– to 3.7% year-on-year, while core CPI is expected to remain mostly steady at 2.7%.
The numbers come amid waning confidence in any interest rate cuts by the U.S. central bank this year, especially in the face of rising energy costs due to the Iran war.
Oil prices rose and remained close to four-year highs amid supply disruptions caused by the war. This spilled over into higher fuel prices.