Wall Street awaits Tuesday’s inflation report after Iran’s rejected truce proposal sent crude prices above $103 a barrel.
US equity futures showed little movement early Monday as investors balanced escalating US-Iran tensions against the upcoming April Consumer Price Index release. Dow Jones Industrial Average futures held near 49,500, while the S&P 500 and Nasdaq edged lower following Friday’s record highs. Energy and small-cap stocks led gains, supported by a rally in oil prices and industrial demand.
West Texas Intermediate crude surged over 2% to $97 a barrel, and Brent topped $103 after President Trump dismissed Iran’s ceasefire counteroffer as “totally unacceptable.” Tehran’s proposal included sovereignty claims over the Strait of Hormuz and war reparations, alongside continued nuclear enrichment. Weekend drone attacks on Gulf shipping further tightened supply concerns.
Tuesday’s CPI report is the week’s focal point, with economists forecasting a 0.6% month-over-month rise in headline inflation and 3.7% year-over-year growth. Core CPI is expected to climb 0.3% MoM and 2.7% YoY, offering the first clear read on price pressures since March.