Wall St futures drop as oil spikes after Trump rejects Iran peace proposal
SPY•U.S. stock futures fell as oil rose 4% to around $108 a barrel after Trump rejected Iran’s peace proposal. Dow futures were down 0.48%, S&P 500 futures 0.45% and Nasdaq 100 futures 0.86%.
1. Futures fall as oil rises
U.S. stock index futures dropped after Trump rejected an Iranian proposal to end the conflict, driving crude prices higher and Treasury yields up. Trump said he expected U.S. negotiators to continue talks this week. Crude rose 4% to around $108 a barrel.
2. Markets and economic data
At 7:17 a.m. ET, Dow futures were down 0.48%, S&P 500 futures 0.45% and Nasdaq 100 futures 0.86%. Investors were also looking ahead to August personal consumption expenditures data and the September non-farm payrolls report, both due this week. Traders were pricing in a 68% chance of back-to-back Fed rate hikes of at least 25 basis points in October.
3. Company moves
Nvidia rose 1.5% after announcing a $150 billion increase in its share repurchase authorization. Tesla dipped 0.5% after J.P. Morgan lowered its price target, citing weak third-quarter deliveries, while Meta fell 3%.
