Stock Futures Flat as Iran Talks and Jobs Data Loom Large

CNBC reported Sunday night that U.S. stock futures were barely moving as investors tracked fast-moving developments in the Middle East. S&P 500 futures edged up roughly 0.1%. Nasdaq 100 futures were close to unchanged. Dow futures added around 80 points, just under 0.2%.

Records on Friday Set a Positive Tone

The muted overnight session followed a strong Friday session. Both the S&P 500 and Nasdaq Composite notched new all-time highs on an intraday and closing basis. The S&P 500 gained roughly 0.3%, and the Nasdaq climbed close to 0.9%. The Dow was the outlier, shedding about 153 points, a decline of 0.31%.

A combination of upbeat first-quarter earnings and cautious optimism over Iran diplomacy had powered equities higher through the week.

Iran Tensions Sit at the Center of Market Sentiment

President Donald Trump announced a new initiative called “Project Freedom” via a Sunday Truth Social post. The plan, set to begin Monday, involves the U.S. attempting to escort cargo ships belonging to uninvolved nations through the Strait of Hormuz. Trump offered no specific operational details.

The announcement followed Iran’s confirmation that it had received a formal U.S. response to its latest peace proposal. Earlier on Friday, Tehran had reportedly submitted a revised offer through Pakistani mediators, briefly lifting investor sentiment. Trump later pushed back on the offer’s terms, saying Iran was only negotiating from a position of military weakness.

Bank of America strategist Nigel Tupper told clients Friday that a robust global earnings cycle and durable investment themes still support equity market gains. Chris Senyek, chief investment strategist at Wolfe Research, argued that strong results from large-cap technology companies would keep artificial intelligence at the forefront of market narratives. Senyek said investors are likely to keep chasing perceived winners in semiconductors and memory.

A Heavy Earnings and Data Calendar Lies Ahead

Friday’s April jobs report will be the week’s defining macro event. Dow Jones consensus estimates point to just 53,000 new payrolls, a sharp drop from March’s 178,000. The unemployment rate is forecast to hold at 4.3%.

Nearly a quarter of S&P 500 companies are also scheduled to report earnings this week. Notable names include Palantir, Pfizer, PayPal, Walt Disney, Uber, McDonald’s, and Airbnb, among more than 120 others.

Durable goods orders and factory orders data land Monday before markets open.

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