Stock market today: S&P 500, Nasdaq, Dow futures falter ahead of pivotal week on report of Iran offer

US stock futures stalled on Monday as investors assessed a report that Iran has put forward a proposal to reopen the Strait of Hormuz, ahead of a high-stakes week for markets packed with Big Tech earnings.

Contracts on the S&P 500 (ES=F) and the Nasdaq (NQ=F) were broadly flat, after closing out last week at record highs. Meanwhile, Dow Jones Industrial Average futures (YM=F) fell 0.2%.

Iran has put forward a new proposal to lift its blockade of the key Hormuz waterway and end the war, but would push nuclear negotiations to a later date, Axios reported.

Fears over inflationary pressures have buffeted markets, given restrictions on global oil and other supply flows threatens to push up prices across a wide range of industries. Efforts to resume peace talks hit the buffers at the weekend, with both sides pulling back.

Crude prices rose over 2%, with Brent crude futures (BZ=F) retaking $100 a barrel, and West Texas Intermediate (CL=F) topping $96 at last check.

Markets now turn to a pivotal stretch on the calendar. Earnings from several mega-cap tech names of the colloquially named “Magnificent Seven” are due in the coming days, a strong test of stock resilience in response to the Iran war.

Investors are also focused on the upcoming decision from the Federal Reserve. The meeting is expected to be the penultimate one chaired by Jerome Powell before leadership transitions to Kevin Warsh.