On Saturday, reports said U.S. President Donald Trump rejected an Iranian proposal to reopen the Strait of Hormuz, arguing that Iran sought a deal to reopen the waterway because it was under heavy pressure.
- However, Trump reportedly told Axios on Sunday in a phone interview that he expects more talks with Iran this week.
- Trump also said the U.S. military was aiding significant oil shipments through the Strait of Hormuz, adding that “more than 20 million barrels” of oil had passed through the waterway over the weekend.
- Meanwhile, oil prices climbed higher and Brent crude continued to trade above $100 a barrel.
U.S. stock futures fell in overnight trading late Sunday as oil prices climbed after President Donald Trump rejected an Iranian proposal to reopen the Strait of Hormuz.
As of 10:40 p.m. ET, Dow futures were down 0.30%, and S&P 500 futures slipped 0.33%, while Nasdaq-100 futures declined 0.60%.
On Friday, all three benchmark indexes climbed higher at the close. The Dow Jones Industrial Average led the gains, up 0.93% at close. The S&P 500 and the Nasdaq Composite also ended the session up 0.51% and 0.48%, respectively.
| Index | Move | Close |
| Dow Jones Industrial Average | 0.93% | 51,828.62 |
| S&P 500 | 0.51% | 7,743.41 |
| Nasdaq Composite | 0.48% | 27,068.72 |
The Dow reversed three weeks of declines to end last week in green, while the S&P 500 and Nasdaq indexes also closed higher.
Key US Market Drivers
Following the historic meeting between the leaders of the U.S. and China last week, markets turned their attention back to the Middle East after President Trump rejected a peace deal proposal.
Iran presented a proposal at the United Nations General Assembly through Qatari mediators, under which an agreement would kick off a seven-day period to reopen the Strait of Hormuz and pause regional fighting. The Middle Eastern country said this would be followed by broader negotiations on issues both sides would agree on.
On Saturday, reports said that Trump had rejected the proposal, arguing that Iran was seeking a deal to reopen the waterway because it was under heavy pressure.
In a post on Truth Social over the weekend, the president reiterated that “IRAN CAN NOT HAVE A NUCLEAR WEAPON!!!”
Meanwhile, Seyed Abbas Araghchi, Foreign Minister of the Islamic Republic of Iran, said in a post on X late Sunday that “President Pezeshkian and I did not come to New York to sell a war. We came to forge peace. Iran nonetheless remains steadfast in the face of any aggression—even if it comes to an apocalyptic war. At the same time, we are ready for real diplomacy.”
However, Trump reportedly told Axios on Sunday in a phone interview that he expects more talks with Iran this week. “They want to make a deal, but it is not the deal that I want to make. It is what we would have maybe agreed to a year ago. They overplayed their hand.”
The comments come shortly after Trump rejected the peace deal that Iran proposed, and also told Axios earlier that the U.S. was “always” considering the possibility of resuming military strikes on Iran.
Trump also said the U.S. military was aiding significant oil shipments through the Strait of Hormuz, adding that “more than 20 million barrels” of oil had passed through the waterway over the weekend, the largest volume since the war began.
Meanwhile, oil prices continued to trade above $100 a barrel. At the time of writing, Brent crude futures expiring in November were trading at $106.65 a barrel, while WTI crude futures expiring in November traded at $93.98 per barrel.
Brett Erickson, Managing Principal, Obsidian Risk Advisors, said in a post on X, “Despite the claims that the United States ‘controls Hormuz,’ oil is $106/barrel, diesel is at all time highs, gasoline is approaching all time highs…And Iran hasn’t even launched their October Surprise escalation to sink the midterms…”
On the economic front, markets will watch the August personal consumption expenditure price index, the Fed’s preferred inflation gauge, on Wednesday. The new U.S. manufacturing numbers and September jobs report are also due later this week.
Trending Stocks To Watch
Micron Technology Inc. (MU): Shares of the memory chipmaker were down about 1.45% in the overnight session late Sunday ahead of a crucial week for the company when it will report fourth-quarter earnings.
iShares Silver Trust (SLV): The silver exchange-traded fund drew attention on the platform after it fell nearly 4% in overnight trading late Sunday as rising Treasury yields, an oil surge, a stronger dollar, and rate-hike concerns weighed on silver prices.
Quantinuum Inc. (QNT): Shares of the quantum computing platform were on the retail radar late Sunday after its cryptocurrency surged about 58% higher amid the company’s selection by The Clearing House to provide technology for a new blockchain-based banking payments network.
Meta Platforms Inc. (META): Shares pulled back more than 2% overnight after stellar gains last week following the announcement of new hardware and software initiatives at Meta Connect 2026.
Other Market Trends
Among ETFs tracking benchmark indexes, the SPDR S&P 500 ETF (SPY), the Invesco QQQ Trust (QQQ) and the SPDR Dow Jones Industrial Average ETF Trust (DIA) traded lower at the time of writing.
Meanwhile, the U.S. 10-year Treasury yield was at 5.20% at the time of writing, while the U.S. 30-year Treasury yield traded at 5.513%.
The iShares 20+ Year Treasury Bond ETF (TLT) was down 0.28% amid ‘bullish’ sentiment.
Asian markets opened mixed on Monday. South Korea's KOSPI, Japan’s Nikkei 225, and China’s SSE Composite were trading in the red at the time of writing, while Australian stocks climbed at the open.
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