S&P 500, Nasdaq, Dow futures decline as Trump dismisses Iran peace plan

By James Park · Markets Editor

May 10, 2026 · 2 min read

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Stock market today: S&P 500, Nasdaq, Dow futures drop as Trump rejects Iranian peace proposal

Rian Howlett · Front Page Editor Updated Sun, May 10, 2026 at 7:01 PM EDT 1 min read

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US stock futures slipped Sunday evening after Wall Street wrapped up another strong week, while oil prices climbed as President Donald Trump dismissed Iran’s latest proposal aimed at ending the ongoing conflict.

Futures linked to the Dow Jones Industrial Average (YM=F) fell 156 points, or 0.3%. Contracts tied to the S&P 500 (ES=F) and Nasdaq 100 (NQ=F) each edged down about 0.2%.

The pullback follows a powerful rally across major indexes last week. Markets closed higher Friday after the April jobs report topped expectations. Nonfarm payrolls increased by 115,000, beating economists’ forecasts for 55,000 new jobs, estimates. Both the S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) finished the week at record highs.

Geopolitical tensions remained in focus after Iran reportedly delivered a revised proposal to US negotiators calling for an end to the prolonged conflict and the removal of sanctions on Tehran, according to Iran’s Tasnim news agency.

Trump pushed back sharply on the proposal in a Truth Social post, calling Iran’s response “totally unacceptable.”

Investors will now turn their attention to a fresh batch of economic data this week, including April consumer and producer inflation reports, looking to see how higher oil prices are feeding into broader inflation pressures. Earnings from companies including Fox (FOX), Barrick Mining (B) and Constellation Energy (CEG) are all on deck for before the market opens on Monday.

Oil prices push back up to near $100 a barrel after Trump rejects Iranian peace proposal,

Bloomberg reports:

Oil surged after US President Donald Trump rejected Iran’s latest response to his proposal to end the war in the Middle East, prolonging the effective closure of the crucial Strait of Hormuz.

Brent (BZ=F) crude advanced as much as 3.5% to $104.80 a barrel, while West Texas Intermediate (CL=F) climbed to near $99. In a social media post, Trump said the response was “TOTALLY UNACCEPTABLE” as the two sides struggle to maintain a fragile ceasefire following a series of flareups in hostilities.

The near-closure of Hormuz since the start of the war at the end of February has choked off supplies of crude, natural gas and fuels to global customers, driving up energy prices and raising inflation fears. The International Energy Agency says the conflict is causing the biggest supply shock in history.

Tehran offered to transfer some of its stockpile of highly enriched uranium to a third country, but rejected the idea of dismantling its nuclear facilities, the Wall Street Journal reported. Iran disputed the report, according to the nation’s semi-official news agency Tasnim.