Dow, S&P 500, Nasdaq Futures Slip As Trump Calls Iran’s Peace Proposal ‘Totally Unacceptable’ — MU, SNDK, MRAM, MLTX Stocks In Focus

• Dow Jones futures, S&P 500 futures, and Nasdaq 100 futures all declined in Sunday’s overnight session. 
• Oil prices climbed, with Brent crude futures exceeding $100 a barrel again.
• On the economic front, markets will be watching the U.S. inflation data slated for release on Tuesday.

U.S. stock futures slipped in Sunday’s overnight trading session as Washington’s rejection of the peace proposal from Iran weighed on market sentiment, prolonging the possibility of tight global energy supplies and effective closure of the Strait of Hormuz.

Dow Jones futures were 0.41% lower at the time of writing, the S&P 500 futures were down 0.25% and Nasdaq 100 futures declined 0.16% as of 8.53 p.m ET.  Meanwhile, oil prices climbed higher on the news.

Among ETFs tracking benchmark indexes, the SPDR S&P 500 ETF (SPY), Invesco QQQ Trust (QQQ), and the SPDR Dow Jones Industrial Average ETF Trust (DIA) were all edging lower at the time of writing. Meanwhile, retail sentiment on Stocktwits for SPY and QQQ was in the ‘bullish’ territory, while it was ‘neutral’ for DIA.

How Did US Markets Fare?

On Friday, benchmark indexes closed higher, driven by the April jobs report that came in much stronger than expected, with the S&P 500 and Nasdaq Composite rallying to record highs during the session.

The Dow Jones Industrial Average closed 0.03% higher, while the S&P 500 and the Nasdaq Composite climbed 0.84% and 1.71%, respectively.

US Market Drivers

President Donald Trump’s rejection of Iran’s peace proposal sent U.S. stock markets lower over the weekend as markets priced in a longer closure at the Strait of Hormuz that would weigh on global oil prices.

According to a report from the Wall Street Journal, Iran’s “multipage” response to the latest U.S. proposal to end the war included opening the Strait prior to making nuclear concessions, while also agreeing to export some of its highly enriched uranium to a third country, but stopped short of agreeing to dismantle its existing nuclear sites.

However, the president called the proposal “TOTALLY UNACCEPTABLE!” in a post on Truth Social on Sunday. In an earlier post, Trump accused Iran of “playing games” with the United States and the rest of the world.

Trump is reportedly visiting Beijing on Wednesday and is expected to discuss ‌Iran ⁠, among other topics, with Chinese President Xi Jinping.

Markets will also be looking for the U.S. inflation data slated for release on Tuesday, which will provide clues on where key interest rates could be headed.

Trending Stocks To Watch

Micron Technology Inc. (MU): The memory stock surged more than 7% in Sunday’s overnight trading, riding the upward momentum after a red-hot week amid growing demand and a shortage of memory chips. MU stock surged to a record high on Friday and has gained a whopping 709% in the past 12 months.

Sandisk Corp. (SNDK): The Milpitas, California-based company’s shares also rallied by over 5% in the overnight session heading into Monday on account of the AI memory supercycle and explosive demand for memory chips.

Everspin Technologies Inc. (MRAM): Shares of the company surged more than 48% in extended trading hours, on track for their best day since November 2021. Everspin shares have been bolstered higher by strong first-quarter 2026 earnings and a recent $40 million defense subcontract with the U.S. Department of War.

MoonLake Immunotherapeutics (MLTX): The company’s stock surged more than 7% in overnight trading after the company said it had conducted a positive final pre-BLA (Biologics License Application) meeting with the U.S. Food and Drug Administration (FDA), in which the apex body aligned on submission plans and the label strategy for its skin drug.

Broader Market Trends

Oil futures climbed higher in Sunday’s overnight session. Brent crude futures expiring in July were up about 3.51%, trading at around $104.85 a barrel, while WTI crude futures expiring in June were 3.89% higher, at $99.13 a barrel at the time of writing.

American economist and professor at The Johns Hopkins University, Steve Hanke, warned that oil prices would go higher amid the war. “Once inventories run dry, we will switch from an oil deficit to an oil shortage. Then, prices will SPIKE, AGAIN,” he said in a post on X.

Meanwhile, treasury yields on the benchmark 10-year were at 4.39%, while gold declined to trade around $4,676.59 an ounce.

Asian markets were mixed at the open on Monday, with the KOSPI and Nikkei 225 gaining at the time of writing, while the SSE Composite index was largely flat. Australian stocks were lower at the open.

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