S&P 500 Holds Near Record Highs as CPI Data and Iran Tensions Loom
US stock futures were little changed late Monday as traders positioned ahead of a closely watched inflation release, CNBC reported Monday evening.
S&P 500 futures edged fractionally higher, while Nasdaq 100 contracts gained 0.1%. Dow Jones futures added around 23 points. The muted overnight moves followed a session in which both the S&P 500 and Nasdaq Composite closed at fresh all-time highs.
April CPI Takes Center Stage for Wall Street
Economists surveyed by Dow Jones forecast April headline inflation rising 3.7% year over year. They also expect a 0.6% monthly gain. The reading, due Tuesday at 8:30 a.m. ET, comes alongside final data on hourly earnings, average workweek figures, and the Treasury budget.
The inflation print carries particular weight given the Federal Reserve’s prolonged effort to bring price growth back to its 2% target. Any upside surprise could reignite debate over the pace and timing of future rate cuts.
Iran Tensions Push Oil Prices Higher
Geopolitical risk added another layer of uncertainty Monday. President Donald Trump described the month-old US-Iran ceasefire as “unbelievably weak” and said it was on what he called “massive life support.” He rejected Tehran’s latest counterproposal as unacceptable.
Iran’s offer reportedly demanded war reparations, full control over the Strait of Hormuz, the unfreezing of Iranian assets, and the removal of existing sanctions. The breakdown in talks drove oil prices higher on Monday, with the energy sector leading all S&P 500 sectors with a gain of roughly 2.6%.
A Bull Run Fueled by Profits and Payrolls
Background: Markets Riding a Post-March Recovery
US equities have staged a significant recovery from lows hit in March, with earnings season providing consistent upward momentum. Six of eleven S&P 500 sectors closed Monday in positive territory, led by energy, materials, and industrials. Communication services lagged, falling more than 2%.
Marci McGregor, head of portfolio strategy at Merrill and Bank of America Private Bank, told CNBC’s Closing Bell that any near-term pullback should be viewed as a buying opportunity. She cited strong corporate profits, rising capital expenditure, and a resilient labor market as reasons for sustained optimism.
Earnings Flood Continues Before the Bell
Several major names are due to report before Tuesday’s open, including Under Armour, Vodafone, On Holding, and fintech platform eToro. After the bell Monday, Hims and Hers Health slumped more than 12% on softer forward guidance. GitLab fell 8% after its CEO announced a restructuring tied to a pivot toward agentic AI.
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