Stock market today: S&P 500, Nasdaq, Dow futures drop as Trump rejects Iranian peace proposal

US stock futures traded flat on Monday after Wall Street wrapped up another strong week, while oil prices climbed as President Trump dismissed Iran’s latest proposal aimed at ending the ongoing conflict.

Contracts on the Dow Jones Industrial Average (YM=F), the S&P 500 (ES=F) and the Nasdaq 100 (NQ=F) were all little changed aftrer Wall Street stocks closed higher on Friday. Both the S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) finished the week at record highs after the April jobs growth topped expectations.

Geopolitical tensions remained in focus after Iran reportedly delivered a revised proposal to US negotiators calling for an end to the prolonged conflict and the removal of sanctions on Tehran, according to Iran’s Tasnim news agency.

Trump pushed back sharply on the proposal in a Truth Social post, calling Iran’s response “totally unacceptable.”

This week, fresh economic data including April consumer and producer inflation reports will be watched to see how higher oil prices are feeding into broader price pressures.

Earnings from companies such as Fox (FOX), Barrick Mining (B), and Constellation Energy (CEG) are on deck for before the market open on Monday.

LIVE 2 updates

  • Nintendo stock falls as markets open in Japan following gaming cycle slump

    Reuters reports:

    Nintendo’s (NTDOY) shares fell 7% in Tokyo on Monday after the company hiked Switch 2 prices and as the market frets over a lack ‌of high-profile games to build momentum.

    Nintendo posted robust hardware sales for the financial year ended ‌March but, while the company is known for its conservative forecasts, its outlook for this year underwhelmed the market.

    The Kyoto-based firm ​extended the life of the original Switch with games from franchises such as “The Legend of Zelda” and, while it has scored hits such as “Pokemon Pokopia”, it is seen as lacking potential blockbusters.

    “The year-on-year decline in game shipment guidance risks signaling that Nintendo lacks confidence in its pipeline,” Morningstar analyst Kazunori Ito wrote in a ‌note.

    “However, as user engagement typically accelerates ⁠in the second year of a console cycle, we view this as too pessimistic,” he wrote.

    Nintendo also said it would raise prices of its Switch 2, with ⁠the Japanese language Switch 2 Japan model to go up by 10,000 yen ($63.73) to 59,980 yen from May 25 and prices in markets such as the U.S. to rise from September 1.

    Read more here.

  • Oil prices push back up to near $100 a barrel after Trump rejects Iranian peace proposal,

    Bloomberg reports:

    Oil surged after US President Donald Trump rejected Iran’s latest response to his proposal to end the war in the Middle East, prolonging the effective closure of the crucial Strait of Hormuz.

    Brent (BZ=F) crude advanced as much as 3.5% to $104.80 a barrel, while West Texas Intermediate (CL=F) climbed to near $99. In a social media post, Trump said the response was “TOTALLY UNACCEPTABLE” as the two sides struggle to maintain a fragile ceasefire following a series of flareups in hostilities.

    The near-closure of Hormuz since the start of the war at the end of February has choked off supplies of crude, natural gas and fuels to global customers, driving up energy prices and raising inflation fears. The International Energy Agency says the conflict is causing the biggest supply shock in history.

    Tehran offered to transfer some of its stockpile of highly enriched uranium to a third country, but rejected the idea of dismantling its nuclear facilities, the Wall Street Journal reported. Iran disputed the report, according to the nation’s semi-official news agency Tasnim.

    Read more here.