Futures Pointing To Slightly Lower Open On Wall Street

(RTTNews) - The major U.S. index futures are currently pointing to a slightly lower open on Monday, with stocks likely to give back ground after turning in a strong performance last Friday.

Some traders may look to cash in on the recent strength in the markets, which lifted the Nasdaq and S&P 500 to new record closing highs in the previous session.

A sharp increase by the price of crude oil may also weigh on Wall Street, as U.S. crude oil futures jump by more than 2 percent.

Crude oil futures are surging after President Donald Trump rejected Iran's response to a U.S. proposal to end the months-long war, calling it "totally unacceptable" in a post on Truth Social.

According to state media, Iran's counterproposal included demands for compensation over war damage and recognition of the Islamic Republic's sovereignty over the Strait of Hormuz.

However, U.S. marks have recently been able to shrug off concerns about the impact of the Middle East conflict amid upbeat earnings news.

Reports on consumer price and producer prices may attract attention in the coming days, as traders analyze the effect the recent spike in oil prices has had on inflation.

Traders are also likely to keep an eye on reports on retail sales and industrial production as well as earnings news from the likes of Under Armour (UAA) and Cisco (CSCO).

Following the pullback seen over the course of Thursday's session, stocks showed a strong move back to the upside during trading on Friday. The tech-heavy Nasdaq led the way higher and reached a new record closing high along with the S&P 500.

The Nasdaq saw further upside going into the end of the day, surging 440.88 points or 1.7 percent to 26,247.08. The S&P 500 also advanced 61.82 points or 0.8 percent to 7,398.93, while the narrower Dow posted a more modest gain, inching up 12.19 points or less than a tenth of a percent to 49,609.19.

For the week, the Nasdaq spiked by 4.4 percent, the S&P 500 jumped by 2.3 percent the Dow crept up by 0.2 percent.

The strength on Wall Street came following the release of a closely watched Labor Department report showing much stronger than expected U.S. job growth in the month of April.

The Labor Department said non-farm payroll employment shot up by 115,000 jobs in April after surging by an upwardly revised 185,000 jobs in March.

Economists had expected employment to climb by 63,000 jobs compared to the jump of 178,000 jobs originally reported for the previous month.

The report showed notable job growth in the healthcare, transportation and warehousing, and retail sectors, while federal government employment continued to edge lower.

Meanwhile, the report said the unemployment rate came in at 4.3 percent in April, unchanged from March and in line with economist estimates.

The data helped ease concerns about the economic impact of the ongoing conflict in the Middle East even after the U.S. and Iran exchanged fire in the Strait of Hormuz last night.

Three U.S. destroyers came under fire from Iranian missiles and drones as they transited the strait, but U.S. Central Command said it eliminated the inbound threats and targeted the Iranian military facilities responsible for the attacks.

In a subsequent phone call with ABC News' Rachel Scott, President Donald Trump called the retaliatory strikes against the Iranian targets "just a love tap" and said the ceasefire remains in effect.

U.S. Central Command said U.S. forces also disabled two Iranian-flagged oil tankers attempting to pull into an Iranian port on the Gulf of Oman. Computer hardware and semiconductor stocks moved sharply higher on the day, contributing to the strong upward move by the tech-heavy Nasdaq.

Reflecting the strength in the sectors, the NYSE Arca Computer Hardware Index soared by 6.6 percent and the Philadelphia Semiconductor Index spiked by 5.5 percent.

Gold stocks also saw considerable strength amid a modest increase by the price of the precious metal, driving the NYSE Arca Gold Bugs Index up by 3.2 percent.

Networking, steel and telecom stocks also turned in strong performances, while pharmaceutical stocks showed a notable move to the downside.

Commodity, Currency Markets

Crude oil futures are surging $2.61 to $98.03 a barrel after climbing $0.61 to $95.42 a barrel last Friday. Meanwhile, after rising $19.80 to $4,730.70 an ounce in the previous session, gold futures are falling $33.60 to $4,697.10 an ounce.

On the currency front, the U.S. dollar is trading at 157.08 yen versus the 156.65 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is trading at $1.1771 compared to last Friday's $1.1784.

Asia

Asian stocks ended mixed on Monday 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, calling it "surrender" and insisting instead on war reparations, full Iranian sovereignty over the Strait of Hormuz, sanctions relief, and the release of seized assets.

The response also called on the U.S. to end its naval blockade and guarantee no further attacks.

U.S. President rejected Iran's counterproposal to end the 10-week war, calling it "totally unacceptable" and reviving fears of a deeper Middle East conflict.

Israeli Prime Minister Benjamin Neanyahu said that Iran's stockpile of enriched uranium must be "taken out" before the conflict with Iran can be considered over.

The dollar was up for a second day running in Asian trading and Brent crude futures rose toward $105 a barrel, while gold dipped below $4,700 an ounce on worries about oil-driven inflation.

China's Shanghai Composite Index surged 1.1 percent to 4,225.02 as inflation data topped estimates. Hong Kong's Hang Seng Index finished marginally higher at 26,406.84, erasing early losses.

Data showed earlier in the day that China's consumer inflation continued a mild recovery in April while producer inflation surged to a 45-month high.

Japanese markets ended a choppy session lower after authorities intervened to support the local currency. The Nikkei 225 Index ended down 0.5 percent at 62,417.88, pulling back after briefly touching an intraday record high of 63,385. The broader Topix Index settled 0.3 percent higher at 3,840.93.

Ahead of President Donald Trump's summit with Chinese President Xi Jinping in Beijing, U.S. Treasury Secretary Scott Bessent said he will visit Japan for talks with Prime Minister Takaichi Sanae and Finance Minister Katayama Satsuki on Tuesday.

Tech stocks came under selling pressure, with Advantest tumbling 3.7 percent and SoftBank Group plunging 6.3 percent.

Seoul stocks ended at a new record high as memory chip-manufacturers soared on expectations stemming from the ongoing AI hardware super-cycle.

The Kospi spiked 4.3 percent to 7,822.24, with Samsung Electronics soaring 6.3 percent and SK Hynix rallying 11.5 percent.

Australian stocks ended lower, dragged down by banks and healthcare firms. CSL slumped 16 percent after the biotechnology company cut its full-year outlook and flagged increased asset impairments.

The benchmark S&P/ASX 200 Index dropped 0.5 percent to 8,701.80, while the broader All Ordinaries Index ended down 0.4 percent at 8,942.40.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 Index inched up by 0.3 percent to close at 13,210.48.

Europe

European stocks have moved mostly lower during trading on Monday amid failed peace efforts in the U.S.-Iran conflict.

After U.S. President Donald Trump rejected Iran's latest proposal to end the conflict now stretching over two months, 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.

While the U.K.'s FTSE 100 Index is nearly unchanged, the German DAX Index is down by 0.5 percent and the French CAC 40 Index is down by 1.1 percent.

Safestay shares have plummeted. The hostel group announced that Peter Zielke will step down from his executive responsibilities as Chief Operating Officer effective June 10. Davide Caschili will take over from Zielke in the role from the same date.

IT firm Adesso has also tumbled despite the company posting first quarter profits above analyst expectations.

Hannover Re has also moved to the downside after reporting first quarter profits below forecasts.

On the other hand, German auto parts supplier Stabilus has jumped after reaffirming its full-year guidance.

Compass Group shares have also advanced. The world's largest caterer raised its 2026 profit outlook after reporting a 12 percent rise in underlying operating profit for the half year ended March 2026.

Copper producer Aurubis has also surged after reporting improved performance in the second quarter and raising its 2025-26 forecast.

U.S. Economic News

The National Association of Realtors is due to release its report on existing home sales in the month of April at 10 am.

Existing home sales are expected to jump by 1.8 percent to an annual rate of 4.05 million in April after plunging by 3.6 percent to an annual rate of 3.98 million in March.

At 1 pm ET, the Treasury Department is scheduled to announce the results of this month's auction of $58 billion worth of three-year notes.