Subdued Futures Point To Flat Or Slightly Negative Start

(RTTNews) - Subdued futures and higher oil prices amid concerns about the Middle East conflict point to a flat to slightly negative start for U.S. stocks on Monday.

The Dow futures are down 0.17%, the S&P futures are lower by 0.07% and the Nasdaq futures are up slightly.

With the crucial consumer prices inflation data (due on Tuesday), producer prices report (due on Wednesday) and retail sales data (on Friday) ahead, the mood in the market is likely to remain cautious.

U.S.-Iran conflict due to a lack of positive progress in peace efforts.

Following U.S. President Donald Trump rejecting Iran's latest proposal to end the conflict, Iran said it would continue using both "the weapon of diplomacy" and military resistance whenever it considers necessary to protect national interests.

Iranian Foreign Ministry spokesperson Esmaeil Baqaei said the U.S. has committed a breach of trust in every diplomatic process it has participated in over the past 20 years.

On Friday, the major averages closed higher, although the Dow underperformed, edging up by just 0.02%. The S&P 500 climbed 0.84%, while the Nasdaq ended 1.71% up. Stronger than expected non-farm payroll data for the month of April aided sentiment.

On the economic front, data on existing home sales for the month of April is due at 10 AM ET.

In overseas trading today, Asian stocks ended mixed as strong gains in AI-related stocks in Seoul offset investor concerns over escalating U.S.- Iran tensions and prolonged disruption in the Strait of Hormuz. Iran has rejected a U.S. proposal for renewed peace talks.

The major European markets are somewhat subdued amid concerns about Middle East conflict following failed peace talks between Iran and U.S.

In commodities, West Texas Intermediate crude oil futures are up $3.13 or 3.28% at $98.55 a barrel. Gold futures are down $53.30 or 1.1% at $4,677.40 an ounce.