US STOCKS-Wall St futures muted as investors monitor US-Iran negotiations

U.S. stock index futures were subdued on Monday, with Dow and S&P 500 futures down, as investors awaited progress in U.S.-Iran negotiations and oil price fluctuations.

‌U.S. ​stock index futures were subdued on Monday after Friday's public holiday, as investors gauged progress in the latest round of U.S.-Iran negotiations.

U.S. and Iranian officials made "encouraging progress" at the first round of ‌talks in Switzerland that ended early on Monday, mediators said, although tension persisted over Lebanon and the Strait of Hormuz. Oil prices fell as much as 2%,as Washington and Tehran agreed to a roadmap toward a final deal within 60 days.

Hopes of a peace deal helped the three ‌key indexes end with significant weekly gains on Thursday, with the Nasdaq gaining 2.4% as technology shares continued to drive markets higher. At 6:57 ‌a.m. ET, Dow E-minis were down 13 points, or 0.02%, and S&P 500 E-minis were down 12 points, or 0.16%. Nasdaq 100 E-minis were up 1 point.

Shares of memory chipmakers moved higher in premarket trading, with Micron Technology and SanDisk gaining about 4% each. Intel rose 3.8%. The next test for the rally will be ⁠Micron's quarterly results ​on Wednesday. Shares of the ⁠memory chipmaker have risen almost 300% for the year.

AI-driven optimism has supported Wall Street's recent rally, while a resilient economy and hopes for an end to the four-month-long ⁠Middle East conflict have bolstered the broader market. A key focus this week will be on Thursday's PCE data, the Federal Reserve's preferred gauge of core inflation. ​A hotter-than-expected reading is likely to reinforce expectations of a hawkish Federal Reserve after Chair Kevin Warsh underscored the need to curb ⁠inflation at last week's meeting.

"Given the hawkish tone from Kevin Warsh following his inaugural rate-setting meeting, coupled with ongoing uncertainty around the strength of President (Donald) Trump's peace deal with ⁠Iran, ​markets can be forgiven for taking stock ahead of the mid-year earnings season," said Derren Nathan, head of equities research, Hargreaves Lansdown. Markets currently expect a 25-basis-point rate hike from the Fed in September, according to LSEG data. Yields on 2-year notes, which reflect near-term ⁠rate expectations, hit their highest level since early 2025 at 4.230%.

Comments from central bank speakers this week including New York President John ⁠Williams and Chicago President Austan Goolsbee will ⁠also be closely watched for policy signals. Among other movers, SpaceX shares slipped 5.2% to $175.3 after two straight sessions of drops following a stellar debut.

Apogee Therapeutics jumped 50.8% after AbbVie said it would acquire ‌the biotech for $10.9 ‌billion in cash.