Nasdaq, S&P 500 Futures Fall As Oil Spikes On Trump’s Snub To Iran: MU, NVDA, SKHY, SPCX, NIO Stocks In Focus

• Brent crude climbed back above $107 a barrel after President Donald Trump rejected Iran’s proposal to reopen the Strait of Hormuz.
• Nvidia, Micron, Oracle and other AI-linked stocks remain on watch as Washington weighs AI regulation and infrastructure policy.
• Investors face a packed macro calendar featuring PCE inflation, GDP, manufacturing data and Friday’s jobs report.

U.S. stock futures were under pressure early Monday as rising geopolitical tensions in the Middle East and a sharp spike in energy prices weighed on market sentiment ahead of a week of crucial macroeconomic data, along with Micron and Nike earnings. 

As of 4:00 a.m. ET, Nasdaq futures were down 0.8%, Dow and S&P 500 futures fell 0.3%, and Russell 2000 futures were down 0.4%.

However, on Stocktwits, retail sentiment for the SPDR S&P 500 ETF (SPY), an exchange-traded fund that tracks the S&P 500 Index, remained ‘extremely bullish,’ and Invesco QQQ Trust (QQQ), which tracks the Nasdaq-100 Index, stayed ‘bullish.’

Iran Jitters Weigh

Selling pressure was mainly triggered by crude oil prices jumping over 3% after U.S. President Donald Trump rejected a ceasefire proposal from Iran aimed at resolving the conflict and reopening the crucial Strait of Hormuz. 

On Sunday, Trump said that he still expects more talks with Iran this week. Meanwhile, energy refiners (VLO / MPC / PSX) are also in the spotlight today after Trump stated that the U.S. is “very seriously” considering a diesel export ban.

Trump And AI Take The White House Stage 

President Trump is scheduled to meet Anthropic CEO Dario Amodei for a private dinner Monday, while Trump and House Speaker Mike Johnson are expected to meet leading AI executives Tuesday. 

The discussions come as Washington faces mounting questions around AI regulation, infrastructure spending, national security and rising competition with China. Over the weekend, Trump has reportedly also said the U.S. should not integrate its AI efforts with China, adding that the country should protect its lead in the technology.

The Tech Radar

Nvidia Corp (NVDA): Shares fell nearly 1% in early premarket trade despite reports that Beijing is weighing approval for Chinese tech giants like ByteDance and Alibaba to purchase Nvidia’s new RTX Pro 5500 chips.

Micron Technology (MU): The big earnings report that could set the tone for semiconductor trade this week. Analysts expect a massive revenue surge of over 350% year over year in its upcoming Q4 report on Wednesday. Retail traders are also watching for a potential fresh share-buyback authorization. 

SK Hynix (SKHY): Shares fell 4% in early premarket on concerns about complex ownership structures after reports suggested that its U.S. storage subsidiary, Solidigm, is planning an IPO. 

Hyperscalers (AMZN, META, GOOGL, MSFT and ORCL): Big Tech infrastructure spending remains under the spotlight. In a new Substack post, investor Michael Burry said the Trump administration has little room to let the AI boom weaken, even as he remains skeptical of several companies at the center of the trade.

Oracle (ORCL) disclosed that Chairman Larry Ellison pledged 413 million shares as collateral for personal loans, though the board confirmed no material risk. Ellison had previously canceled a trading plan that would have allowed him to sell as many as 50 million shares. 

Trending Stocks

SpaceX (SPCX): Remains on the retail radar ahead of Starship’s Flight 14 test attempt, its first operational orbital deployment attempt featuring 26 V3 Starlink satellites. 

AST Spacemobile (ASTS): A new German regulatory filing with the ITU brought its 344-satellite D-BLUEBIRD network plan into focus. 

Rocket Lab (RKLB): Shares remain in focus after the company successfully completed its 97th Electron mission, while investors continue to watch the pending Iridium transaction.

Nio Inc (NIO): Shares rose over 2% in early premarket after signing a $2.4B strategic deal with Geely Holding Group to integrate and expand its battery swapping and charging network. 

Stellantis, General Motors, Ford (STLA, GM, F): Legacy automakers' shares rose in early premarket after Trump backed rolling back fuel-economy requirements, potentially reducing compliance costs. 

Nektar Therapeutics (NKTR): The biotech remains in focus after a jury found Eli Lilly breached the implied covenant of good faith and fair dealing in a licensing agreement, awarding Nektar $90 million plus interest. BTIG believes the stock weakness from the trial “presents a strong entry point,” and reiterated its Buy rating on Nektar with a $178 price target.

Other tickers trending on Stocktwits at the time of writing included Cipher Digital (CIFR), Quantinuum (QNT), Advanced Micro Devices (AMD), and GameStop (GME).

What Else To Watch This Week

Investors face a heavy macro slate this week, with key inflation, manufacturing, and labor market data scheduled. On Tuesday, watch out for September consumer confidence data, August JOLTS job openings, and a White House AI executive summit.

On Wednesday, the spotlight will be on August Personal Consumption Expenditures (PCE) price index, the Federal Reserve’s preferred inflation gauge, followed by Q2 GDP updates and September ISM manufacturing PMI on Thursday and the September U.S. nonfarm payrolls & jobs report on Friday. This week will also see 22 Federal Reserve speaker events, offering further guidance on the interest rate trajectory amid soaring energy prices and Treasury yields. 

On the earnings front, beyond Micron, Carnival (CCL) reports on Tuesday, Jabil (JBL), FactSet (FDS), Conagra Brands (CAG) and Cal-Maine Foods (CALM) report Wednesday. Accenture (ACN) and Nike (NKE) report Thursday, with retail tracking commentary around Nike’s turnaround efforts after the stock’s recent weakness.

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