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A trader works on the floor of the American Stock Exchange AMEX) at the New York Stock Exchange (NYSE) in New York, US, on Wednesday, May 6, 2026.
Michael Nagle | Bloomberg | Getty Images
Stock futures fell slightly on Sunday night as traders weighed the latest events in the Middle East and braced for a slew of corporate earnings reports due out later in the week.
Dow Jones Industrial Average futures slipped 135 points, or 0.3%, while S&P 500 futures lost 0.3%. Nasdaq-100 futures were down 0.5%.
Iran and the U.S. again traded airstrikes over the weekend, with Tehran targeting U.S. facilities in multiple Gulf countries and declaring the Strait of Hormuz closed. However, President Donald Trump disputed the claim on Sunday, saying the key waterway was open to commercial traffic.
Trump on Saturday ordered airstrikes against Iran after an attack by Iran on a commercial ship transiting the strait.
Crude prices were up in early trading as tensions escalated. Brent futures rose 3.7% to $78.86 per barrel. West Texas Intermediate futures advanced more than 3% as well to $74.05.
In Asia, futures for Japan's benchmark Nikkei 225 were at 68,965, down 0.5%, but higher than the index's last close of 68,557.73. Australia's S&P/ASX 200 futures last traded at 8,814, while the index closed at 8,806.Futures for Hong Kong's Hang Seng index were last at 24,238, higher than its close of 24,175.12.
"The Strait closure will hang over the market with a risk-off tone," wrote Ben Emons, founder of Fed Watch Advisors. "Still, unless there is a serious prospect of a closure in the coming months, which could cause major global energy shortages … the focus next week will (also) be on CPI, Warsh, and bank earnings."
Major U.S. banks — including JPMorgan Chase, Goldman Sachs, Morgan Stanley, Bank of America, Citigroup and Wells Fargo — are among the 28 S&P 500 companies set to report earnings this week. Quarterly results from Netflix, Johnson & Johnson and UnitedHealth are also on deck.
Expectations for the season are high. On average, analysts estimate that second-quarter S&P 500 profits grew by more than 23% year over year, per FactSet.
One sector to watch, according to Raymond James CIO Larry Adam, is tech. Specifically, whether AI can keep boosting earnings in the sector.
"Despite concerns that hyperscalers may start to moderate AI-related capital spending, we expect capex plans to be reaffirmed and to rise through 2028. Why? Because there is tangible evidence that businesses benefit from AI adoption. Mentions of AI across all 11 sectors are up 98% YoY, reaching new highs," Adam wrote to clients.
The June CPI report is also due out Tuesday morning.
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Nikkei 225 futures fall 0.5% as U.S.-Iran strikes unravel Mideast ceasefire
Futures for Japan's benchmark Nikkei 225 fell in Chicago as tensions in the Middle East rose following fresh U.S.-Iran military strikes and Tehran's closure of the Strait of Hormuz.
Tehran attacked American facilities across several Gulf states and announced the closure of the strategically important Strait of Hormuz over the weekend, while the U.S. struck Iranian assets.
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Futures for Japan's benchmark Nikkei 225 were at 68,965, down 0.5%, but higher than the index's last close of 68,557.73.
Australia's S&P/ASX 200 futures last traded at 8,814, while the index closed at 8,806 on Friday.
Futures for Hong Kong's Hang Seng index were last at 24,238, higher than its close of 24,175.12.
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Mark Newton, head of technical strategy at Fundstrat, said in a note Friday that "near-term US equity trends remain bullish, and to me, the technical picture strengthened [last] week, showing good follow-through after Wednesday's successful tests of intraday support and reversal higher in SPX and QQQ. I expect that a breakout in SPX is imminent, though QQQ will take more time."
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Stocks are coming off a mixed week
Here's how the major U.S. stock indexes fared last week:
- Dow: fell 0.5%, breaking a four-week win streak with its worst weekly performance since March 27 — when it fell 0.9%.
- S&P 500: gained 1.2% for its fourth weekly advance in five weeks.
- Nasdaq Composite: climbed 1.7% for its fourth weekly advance in five weeks.
- Russell 2000: dropped 0.6%, marking its second negative week in a row for the first time since its four-week losing streak ending March 20.
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Stock futures open lower
Dow Jones Industrial Average futures slipped 88 points, or 0.2%, while S&P 500 futures lost 0.2%. Nasdaq-100 futures were down 0.3%.
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