Wall Street steadies as Iran tensions, Fed and big tech earnings week collide

Wall Street futures were little changed on Monday as Iran peace negotiations stalled and fresh Strait of Hormuz tensions pushed oil prices sharply higher, setting a cautious tone ahead of one of the most consequential weeks of the year.

S&P 500 futures hovered near the flat, Nasdaq-100 futures edged 0.2% higher, and Dow futures slipped almost 60 points as investors weighed geopolitical risk against a packed corporate calendar.

Donald Trump abandoned plans to send envoys Steve Witkoff and Jared Kushner to in-person ceasefire talks at the weekend, saying negotiations could happen by phone, while Iran’s foreign ministry confirmed no meeting is currently scheduled.

Iran’s Islamic Revolutionary Guard Corps then boarded two container ships near the Strait of Hormuz, the critical chokepoint through which a significant share of global crude flows, sending West Texas Intermediate up 2% to above $96 a barrel and Brent crude past $107.

An Axios report that Iran has submitted a new proposal for reopening the strait provided some relief, with Vital Knowledge analyst Adam Crisafulli saying the conflict remains on a path of de-escalation.

Five of the Magnificent Seven technology companies report results this week, alongside a Federal Reserve policy decision on Wednesday, which may be Jerome Powell’s last as chair before Kevin Warsh takes over in May, following the Justice Department’s decision to drop its criminal probe into Powell.