US Markets
Stocks Down Pre-Bell as US Rejects Iran's Response to Peace Plan; Investors Await Key Inflation Data
The benchmark US stock measures were pointing lower before the opening bell Monday as the US rejected Iran's response to its proposal to end their war in the Middle East, while traders await key inflation data later in the week.The S&P 500 and the Nasdaq edged down 0.1% each in premarket activity, while the Dow Jones Industrial Average was slightly in the red. The indexes finished Friday trading in the green, with the S&P 500 and the Nasdaq logging new closing highs.Iran formally sent a response to the latest US peace proposal, outlining its own demands and leaving key gaps between the two sides, The Wall Street Journal reported Sunday. Tehran's response didn't resolve Washington's demand for commitments on its nuclear program and stockpile of highly enriched uranium, according to the report."I have just read the response from Iran's so-called 'representatives,'" President Donald Trump said in a social media post on Sunday. "I don't like it - totally unacceptable!"Iran has reportedly insisted on compensation for war damages, control over the crucial Strait of Hormuz, lifting all sanctions on it and the release of frozen assets.Israeli Prime Minister Benjamin Netanyahu reportedly said in a recent interview with CBS that the war with Iran is not over. "There is still enrichment sites that have to be dismantled, there's still proxies that Iran supports, there are ballistic missiles that they still want to produce ... there's work to be done," Netanyahu said.West Texas Intermediate crude oil increased 2.5% to $97.79 a barrel before the open, while Brent advanced 2.4% to $103.72.Treasury yields were trending upwards in premarket action, with the two-year rate rising 2.9 basis points to 3.92% and the 10-year rate gaining 2.6 basis points to 4.39%.The consumer price index for April is scheduled to be released on Tuesday, followed by data on wholesale prices for the same month on Wednesday. Last month's retail sales report is due on Thursday.Last week, government data showed that the US economy added more jobs than expected in April, while the unemployment rate remained unchanged.For the Federal Reserve, the hiring momentum further shifts the focus to inflation, keeping it on the sidelines for now, "and raising the possibility of future rate hikes," Stifel Chief Economist Lindsey Piegza said in a report e-mailed toon Friday.Consumer sentiment continued to fall in May as cost pressures tied to the Middle East conflict sent the measure tumbling to fresh lows, a survey by the University of Michigan showed Friday.Monday's thin economic calendar has the existing home sales report for April at 10 am ET.Constellation Energy (CEG), Circle Internet (CRCL), Fox (FOX, FOXA), Mosaic (MOS) and Monday.com (MNDY) are slated to report their latest financial results before the bell, among others.Shares of Micron Technology (MU) rose 2.6% pre-bell after closing Friday's trading session up 16%. Hims & Hers Health (HIMS) added 4.5% after the stock closed 10% higher in the previous session. Intel (INTC) climbed 5.5%.Gold declined 1.3% to $4,671 per troy ounce, while bitcoin slipped 0.5% to $81,015.
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