Wall St to open lower as oil spikes after Trump rejects Iran peace proposal
SPY•U.S. stock futures fell after President Donald Trump rejected an Iranian peace proposal, while crude prices rose around 2% to about $107 a barrel. Dow, S&P 500 and Nasdaq 100 futures were down 0.56%, 0.38% and 0.63%, respectively; Nvidia rose nearly 2% after authorizing a $150 billion share repurchase.
1. Futures fall as oil rises
Wall Street was set to open lower on Monday after Trump rejected an Iranian proposal to end the conflict, lifting crude prices and raising inflation concerns. Trump said he expected U.S. negotiators to continue talks this week. At 8:40 a.m. ET, Dow futures were down 0.56%, S&P 500 futures 0.38% and Nasdaq 100 futures 0.63%; crude rose around 2% to about $107 a barrel.
2. Nvidia buyback offsets declines
Nvidia rose nearly 2% after announcing a $150 billion share repurchase authorization, its biggest increase in buybacks on record. Higher Treasury yields weighed on precious metals, and U.S.-listed miner Gold Fields fell 13.3% in premarket trading. Investors were also watching for the August Personal Consumption Expenditures Index and September nonfarm payrolls, both due this week.
