TLDR
- Iran has proposed reopening the Strait of Hormuz but wants to delay nuclear talks
- S&P 500 and Nasdaq futures were flat Monday; Dow futures fell 0.2%
- Brent crude climbed back above $100 a barrel, WTI topped $96
- Five “Magnificent Seven” companies report earnings this week
- The Fed is expected to hold a policy meeting, likely Jerome Powell’s second-to-last as chair
US stock futures stalled Monday morning as investors weighed a new report out of Iran, while bracing for one of the busiest weeks of the earnings season.
Futures on the S&P 500 and Nasdaq were broadly flat after both indexes closed at record highs last week. Dow Jones futures slipped around 0.2%.
The pullback came after Axios reported that Iran has offered the US a new proposal to reopen the Strait of Hormuz and end the war. However, the offer pushes nuclear discussions to a later date.
Iran has kept the Strait of Hormuz blocked since late February. It has used missiles, mines, and fast boats to control the waterway.
BREAKING: Iran through Pakistani mediators has given the US a new proposal for reaching a deal on the reopening of the Strait of Hormuz and ending the war, per Axios.
Details include:
1. Nuclear negotiations are postponed for a later stage under the deal
2. President Trump is…
— The Kobeissi Letter (@KobeissiLetter) April 27, 2026
The Strait carries around 20% of the world’s oil supply. Its closure has pushed up energy prices and raised inflation fears across multiple industries.
The Axios report said Iran’s offer could remove US leverage in future negotiations. Two key US goals have been reducing Iran’s enriched uranium stockpile and stopping further enrichment.
US strikes on Iran’s nuclear infrastructure took place in mid-2025. The current state of that program remains unclear.
Diplomacy has largely stalled. President Trump extended a ceasefire last week but canceled a planned trip by US diplomats to Pakistan for further talks after Tehran’s delegates left Islamabad.
Oil Prices Jump
Oil prices moved sharply higher on Monday. Brent crude futures climbed over 2% and crossed back above $100 a barrel. West Texas Intermediate topped $96.
The rise reflects continued concern about global oil supply while the Strait remains closed. Several major Asian economies have already felt the impact of higher energy costs.
Trump had previously called on NATO allies to help reopen Hormuz through naval measures. Washington maintains a naval blockade against Iran, which remains a key sticking point in negotiations.
Big Tech Earnings in Focus
Beyond the Iran situation, markets are also preparing for a packed earnings calendar. Five of the so-called Magnificent Seven tech companies are due to report quarterly results this week.
Their performance will be closely watched after stocks held up well despite ongoing geopolitical pressure. Any disappointment could test the recent strength in equities.
The Federal Reserve is also meeting this week. It is expected to be the second-to-last meeting chaired by Jerome Powell before Kevin Warsh takes over.
Markets will be watching for any signals on interest rates, particularly as inflation concerns remain tied to the ongoing Hormuz closure and rising oil prices.
Iran’s proposal to reopen the Strait of Hormuz, as reported by Axios, remains unconfirmed by either government as of Monday morning.
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